BlueMar Capital Management, LLC Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
RNR	Sell	RENAISSANCERE HLDGS LTD	$14,729,404	+1.8%	74,421	-4.1%	15.45%	+11.3%
V	Sell	VISA INC	$14,182,417	-14.7%	61,660	-11.9%	14.87%	-6.7%
VOYA	Sell	VOYA FINANCIAL INC	$9,218,409	-9.2%	138,727	-2.0%	9.67%	-0.7%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$7,367,554	-0.6%	105,947	-2.0%	7.73%	+8.7%
EQH	Sell	EQUITABLE HLDGS INC	$5,673,089	-4.9%	199,827	-9.0%	5.95%	+4.0%
SPGI	Sell	S&P GLOBAL INC	$5,191,380	-17.0%	14,207	-9.0%	5.44%	-9.3%
LPLA	Buy	LPL FINL HLDGS INC	$4,354,936	+27.8%	18,325	+17.0%	4.57%	+39.8%
BK	Buy	BANK NEW YORK MELLON CORP	$4,296,860	+7.6%	100,747	+12.3%	4.51%	+17.6%
FIS	Sell	FIDELITY NATL INFORMATION SV	$4,019,621	-0.9%	72,727	-2.0%	4.22%	+8.3%
CZR	Sell	CAESARS ENTERTAINMENT INC NE	$3,463,457	-10.9%	74,724	-2.0%	3.63%	-2.5%
AIG	Sell	AMERICAN INTL GROUP INC	$3,196,165	-5.3%	52,742	-10.0%	3.35%	+3.6%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$2,994,964	-7.3%	27,222	-4.7%	3.14%	+1.4%
MELI	Buy	MERCADOLIBRE INC	$2,654,941	+11.9%	2,094	+4.5%	2.78%	+22.3%
	Sell	AVIDXCHANGE HOLDINGS INC	$2,640,701	-10.5%	278,555	-2.0%	2.77%	-2.1%
BLK	Buy	BLACKROCK INC	$2,515,493	+33.1%	3,891	+42.3%	2.64%	+45.6%
SCHW	Sell	SCHWAB CHARLES CORP	$2,197,153	-22.6%	40,021	-20.1%	2.30%	-15.4%
FLYW	Sell	FLYWIRE CORPORATION	$1,812,245	-14.3%	56,828	-16.6%	1.90%	-6.3%
ALL	Sell	ALLSTATE CORP	$1,361,987	+0.2%	12,225	-1.9%	1.43%	+9.5%
BILL	New	BILL HOLDINGS INC	$1,237,698	–	11,400	–	1.30%	–
SHOP	Sell	SHOPIFY INCcl a	$1,226,734	-17.1%	22,480	-1.9%	1.29%	-9.4%
STT	Sell	STATE STR CORP	$1,024,287	-65.7%	15,297	-62.5%	1.07%	-62.5%
PGR	Exit	PROGRESSIVE CORP	$0	–	-3,495	–	-0.44%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-50,112	–	-2.87%	–

Q2 2023

			Value		Shares		↓ Weighting
V	New	VISA INC	$16,619,088	–	69,981	–	15.94%	–
RNR	New	RENAISSANCERE HLDGS LTD	$14,473,206	–	77,596	–	13.88%	–
VOYA	New	VOYA FINANCIAL INC	$10,147,539	–	141,508	–	9.73%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$7,410,840	–	108,077	–	7.11%	–
SPGI	New	S&P GLOBAL INC	$6,255,488	–	15,604	–	6.00%	–
EQH	New	EQUITABLE HLDGS INC	$5,963,467	–	219,568	–	5.72%	–
FIS	New	FIDELITY NATL INFORMATION SV	$4,057,755	–	74,182	–	3.89%	–
BK	New	BANK NEW YORK MELLON CORP	$3,993,934	–	89,711	–	3.83%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$3,885,545	–	76,232	–	3.73%	–
LPLA	New	LPL FINL HLDGS INC	$3,406,476	–	15,667	–	3.27%	–
AIG	New	AMERICAN INTL GROUP INC	$3,373,628	–	58,631	–	3.24%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$3,230,130	–	28,565	–	3.10%	–
BKI	New	BLACK KNIGHT INC	$2,993,190	–	50,112	–	2.87%	–
STT	New	STATE STR CORP	$2,986,110	–	40,805	–	2.86%	–
	New	AVIDXCHANGE HOLDINGS INC	$2,949,269	–	284,130	–	2.83%	–
SCHW	New	SCHWAB CHARLES CORP	$2,838,308	–	50,076	–	2.72%	–
MELI	New	MERCADOLIBRE INC	$2,372,754	–	2,003	–	2.28%	–
FLYW	New	FLYWIRE CORPORATION	$2,114,693	–	68,128	–	2.03%	–
BLK	New	BLACKROCK INC	$1,889,577	–	2,734	–	1.81%	–
SHOP	New	SHOPIFY INCcl a	$1,480,244	–	22,914	–	1.42%	–
ALL	New	ALLSTATE CORP	$1,359,075	–	12,464	–	1.30%	–
PGR	New	PROGRESSIVE CORP	$462,633	–	3,495	–	0.44%	–

Q4 2022

			Value		Shares		↓ Weighting
IS	Exit	IRONSOURCE LTD	$0	–	-104,380	–	-0.26%	–
XM	Exit	QUALTRICS INTL INC	$0	–	-73,330	–	-0.55%	–
DIS	Exit	DISNEY WALT CO	$0	–	-9,211	–	-0.64%	–
SQ	Exit	BLOCK INCcl a	$0	–	-18,966	–	-0.77%	–
	Exit	TOAST INCcl a	$0	–	-62,815	–	-0.77%	–
HCIIU	Exit	HUDSON EXECUTIVE INVS CORP Iunit 01/31/2027	$0	–	-115,357	–	-0.84%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-16,400	–	-0.87%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,477	–	-0.90%	–
RMGC	Exit	RMG ACQUISITION CORP III	$0	–	-133,613	–	-0.98%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-14,456	–	-1.09%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-151,808	–	-1.10%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-157,954	–	-1.14%	–
DNB	Exit	DUN & BRADSTREET HLDGS INC	$0	–	-140,877	–	-1.28%	–
SI	Exit	SILVERGATE CAP CORPcl a	$0	–	-26,544	–	-1.47%	–
AAC	Exit	ARES ACQUISITION CORPORATION	$0	–	-204,702	–	-1.50%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-16,271	–	-1.58%	–
CND	Exit	CONCORD ACQUISITION CORP	$0	–	-222,435	–	-1.64%	–
STT	Exit	STATE STR CORP	$0	–	-37,618	–	-1.68%	–
CMA	Exit	COMERICA INC	$0	–	-33,589	–	-1.76%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-78,157	–	-1.85%	–
	Exit	AVIDXCHANGE HOLDINGS INC	$0	–	-312,458	–	-1.94%	–
BTRS	Exit	BTRS HOLDINGS INC	$0	–	-307,367	–	-2.09%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-39,780	–	-2.52%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-11,859	–	-2.66%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-70,702	–	-3.37%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-44,394	–	-4.93%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-310,346	–	-6.02%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-137,311	–	-6.20%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-43,081	–	-6.92%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-131,824	–	-7.33%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-187,456	–	-8.34%	–
V	Exit	VISA INC	$0	–	-89,348	–	-11.68%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-129,198	–	-13.34%	–

Q3 2022

			Value		Shares		↓ Weighting
LPLA	Sell	LPL FINL HLDGS INC	$9,412,000	-0.2%	43,081	-15.7%	6.92%	+9.4%
BKI	Sell	BLACK KNIGHT INC	$4,577,000	-40.6%	70,702	-40.0%	3.37%	-35.0%
SPGI	Sell	S&P GLOBAL INC	$3,621,000	-45.8%	11,859	-40.2%	2.66%	-40.7%
PYPL	New	PAYPAL HLDGS INC	$3,424,000	–	39,780	–	2.52%	–
BTRS	Sell	BTRS HOLDINGS INC	$2,846,000	-4.8%	307,367	-48.8%	2.09%	+4.2%
	Buy	AVIDXCHANGE HOLDINGS INC	$2,631,000	+92.0%	312,458	+40.1%	1.94%	+110.3%
BILL	Sell	BILL COM HLDGS INC	$2,154,000	-2.0%	16,271	-18.6%	1.58%	+7.3%
DNB	Sell	DUN & BRADSTREET HLDGS INC	$1,745,000	-31.2%	140,877	-16.6%	1.28%	-24.7%
SCHW	New	SCHWAB CHARLES CORP	$1,179,000	–	16,400	–	0.87%	–
ALL	Exit	ALLSTATE CORP	$0	–	-12,074	–	-1.03%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-27,303	–	-2.03%	–

Q2 2022

			Value		Shares		↓ Weighting
RNR	New	RENAISSANCERE HLDGS LTD	$20,203,000	–	129,198	–	13.56%	–
V	New	VISA INC	$17,592,000	–	89,348	–	11.81%	–
FIS	New	FIDELITY NATL INFORMATION SV	$12,084,000	–	131,824	–	8.11%	–
VOYA	New	VOYA FINANCIAL INC	$11,159,000	–	187,456	–	7.49%	–
LPLA	New	LPL FINL HLDGS INC	$9,431,000	–	51,121	–	6.33%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$9,024,000	–	137,311	–	6.06%	–
EQH	New	EQUITABLE HLDGS INC	$8,091,000	–	310,346	–	5.43%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$7,956,000	–	44,394	–	5.34%	–
BKI	New	BLACK KNIGHT INC	$7,710,000	–	117,902	–	5.18%	–
SPGI	New	S&P GLOBAL INC	$6,684,000	–	19,829	–	4.49%	–
GPN	New	GLOBAL PMTS INC	$3,021,000	–	27,303	–	2.03%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$2,993,000	–	78,157	–	2.01%	–
BTRS	New	BTRS HOLDINGS INC	$2,991,000	–	600,682	–	2.01%	–
DNB	New	DUN & BRADSTREET HLDGS INC	$2,538,000	–	168,877	–	1.70%	–
CMA	New	COMERICA INC	$2,465,000	–	33,589	–	1.66%	–
STT	New	STATE STR CORP	$2,319,000	–	37,618	–	1.56%	–
CND	New	CONCORD ACQUISITION CORP	$2,215,000	–	222,435	–	1.49%	–
BILL	New	BILL COM HLDGS INC	$2,199,000	–	20,001	–	1.48%	–
AAC	New	ARES ACQUISITION CORPORATION	$2,018,000	–	204,702	–	1.36%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$1,543,000	–	157,954	–	1.04%	–
ALL	New	ALLSTATE CORP	$1,530,000	–	12,074	–	1.03%	–
TRI	New	THOMSON REUTERS CORP.	$1,506,000	–	14,456	–	1.01%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$1,486,000	–	151,808	–	1.00%	–
SI	New	SILVERGATE CAP CORPcl a	$1,421,000	–	26,544	–	0.95%	–
	New	AVIDXCHANGE HOLDINGS INC	$1,370,000	–	223,058	–	0.92%	–
RMGC	New	RMG ACQUISITION CORP III	$1,319,000	–	133,613	–	0.88%	–
SQ	New	BLOCK INCcl a	$1,166,000	–	18,966	–	0.78%	–
HCIIU	New	HUDSON EXECUTIVE INVS CORP Iunit 01/31/2027	$1,134,000	–	115,357	–	0.76%	–
MELI	New	MERCADOLIBRE INC	$941,000	–	1,477	–	0.63%	–
XM	New	QUALTRICS INTL INC	$917,000	–	73,330	–	0.62%	–
DIS	New	DISNEY WALT CO	$870,000	–	9,211	–	0.58%	–
	New	TOAST INCcl a	$813,000	–	62,815	–	0.55%	–
IS	New	IRONSOURCE LTD	$248,000	–	104,380	–	0.17%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	MERIDIANLINK INC	$0	–	-10,000	–	-0.06%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-10,803	–	-0.07%	–
AI	Exit	C3 AI INCcl a	$0	–	-6,733	–	-0.08%	–
VPCC	Exit	VPC IMPACT ACQU HOLDI III IN	$0	–	-35,918	–	-0.10%	–
PSFE	Exit	PAYSAFE LIMITEDord	$0	–	-83,559	–	-0.17%	–
COIN	Exit	COINBASE GLOBAL INC	$0	–	-3,041	–	-0.18%	–
ABNB	Exit	AIRBNB INC	$0	–	-4,140	–	-0.18%	–
	Exit	TOAST INCcl a	$0	–	-17,400	–	-0.23%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-3,220	–	-0.26%	–
CND	Exit	CONCORD ACQUISITION CORP	$0	–	-100,100	–	-0.26%	–
HCIIU	Exit	HUDSON EXECUTIVE INVS CORP Iunit 01/31/2027	$0	–	-102,811	–	-0.27%	–
RMGCU	Exit	RMG ACQUISITION CORP IIIunit 02/08/2026	$0	–	-119,071	–	-0.31%	–
IS	Exit	IRONSOURCE LTD	$0	–	-108,791	–	-0.31%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-140,758	–	-0.36%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-135,282	–	-0.36%	–
AFRM	Exit	AFFIRM HLDGS INC	$0	–	-13,433	–	-0.42%	–
XM	Exit	QUALTRICS INTL INC	$0	–	-39,720	–	-0.44%	–
MAPS	Exit	WM TECHNOLOGY INC	$0	–	-118,394	–	-0.45%	–
AAC	Exit	ARES ACQUISITION CORPORATION	$0	–	-179,380	–	-0.46%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-31,425	–	-0.49%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-39,126	–	-0.53%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-28,300	–	-0.54%	–
CWK	Exit	CUSHMAN WAKEFIELD PLC	$0	–	-117,581	–	-0.57%	–
PAYO	Exit	PAYONEER GLOBAL INC	$0	–	-269,415	–	-0.60%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-412,891	–	-0.61%	–
AZEK	Exit	AZEK CO INCcl a	$0	–	-76,924	–	-0.73%	–
PAR	Exit	PAR TECHNOLOGY CORP	$0	–	-47,495	–	-0.76%	–
SI	Exit	SILVERGATE CAP CORPcl a	$0	–	-29,766	–	-0.90%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-10,100	–	-0.92%	–
RPAY	Exit	REPAY HLDGS CORP	$0	–	-164,867	–	-0.99%	–
DNB	Exit	DUN & BRADSTREET HLDGS INC	$0	–	-297,234	–	-1.30%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-19,070	–	-1.33%	–
CME	Exit	CME GROUP INC	$0	–	-27,168	–	-1.37%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-35,831	–	-1.47%	–
MTB	Exit	M & T BK CORP	$0	–	-50,037	–	-1.95%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-23,721	–	-2.10%	–
FOUR	Exit	SHIFT4 PMTS INCcl a	$0	–	-106,956	–	-2.16%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-301,869	–	-2.33%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-80,841	–	-2.37%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-138,152	–	-2.60%	–
SQ	Exit	SQUARE INCcl a	$0	–	-45,797	–	-2.86%	–
FISV	Exit	FISERV INC	$0	–	-107,783	–	-3.05%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-175,539	–	-3.54%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-241,235	–	-3.86%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-100,350	–	-4.10%	–
	Exit	LIGHTSPEED COMMERCE INC	$0	–	-169,713	–	-4.27%	–
USB	Exit	US BANCORP DEL	$0	–	-279,050	–	-4.33%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-145,430	–	-4.42%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-62,811	–	-4.46%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-144,397	–	-5.25%	–
V	Exit	VISA INC	$0	–	-95,016	–	-5.52%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-213,636	–	-6.78%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-115,271	–	-7.82%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-814,338	–	-8.14%	–

Q3 2021

			Value		Shares		↓ Weighting
MGP	Buy	MGM GROWTH PPTYS LLC	$31,189,000	+5.0%	814,338	+0.4%	8.14%	+17.7%
PYPL	Sell	PAYPAL HLDGS INC	$29,995,000	-20.3%	115,271	-10.7%	7.82%	-10.6%
FIS	Buy	FIDELITY NATL INFORMATION SV	$25,995,000	-3.2%	213,636	+12.7%	6.78%	+8.5%
V	Sell	VISA INC	$21,165,000	-17.7%	95,016	-13.6%	5.52%	-7.7%
RNR	Buy	RENAISSANCERE HLDGS LTD	$20,129,000	-5.9%	144,397	+0.4%	5.25%	+5.4%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$17,102,000	+20.9%	62,811	+9.1%	4.46%	+35.5%
INFO	Sell	IHS MARKIT LTD	$16,960,000	-1.8%	145,430	-5.2%	4.42%	+10.0%
USB	Sell	US BANCORP DEL	$16,587,000	-0.5%	279,050	-4.6%	4.33%	+11.6%
	New	LIGHTSPEED COMMERCE INC	$16,365,000	–	169,713	–	4.27%	–
LPLA	Buy	LPL FINL HLDGS INC	$15,731,000	+16.6%	100,350	+0.4%	4.10%	+30.7%
VOYA	Buy	VOYA FINANCIAL INC	$14,809,000	+0.2%	241,235	+0.4%	3.86%	+12.3%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$13,550,000	-11.5%	175,539	-17.1%	3.54%	-0.8%
FISV	Sell	FISERV INC	$11,694,000	-27.4%	107,783	-28.4%	3.05%	-18.6%
SQ	Buy	SQUARE INCcl a	$10,984,000	+12.0%	45,797	+13.9%	2.86%	+25.6%
BKI	Buy	BLACK KNIGHT INC	$9,947,000	+3.2%	138,152	+11.8%	2.60%	+15.7%
CZR	Buy	CAESARS ENTERTAINMENT INC NE	$9,077,000	+70.3%	80,841	+57.4%	2.37%	+91.0%
EQH	Buy	EQUITABLE HLDGS INC	$8,947,000	-2.3%	301,869	+0.4%	2.33%	+9.5%
FOUR	Buy	SHIFT4 PMTS INCcl a	$8,291,000	-17.0%	106,956	+0.4%	2.16%	-6.9%
FB	Buy	FACEBOOK INCcl a	$8,051,000	-2.0%	23,721	+0.4%	2.10%	+9.8%
MTB	Buy	M & T BK CORP	$7,473,000	+3.2%	50,037	+0.4%	1.95%	+15.7%
GPN	Sell	GLOBAL PMTS INC	$5,646,000	-27.6%	35,831	-13.8%	1.47%	-18.8%
CME	Buy	CME GROUP INC	$5,254,000	-8.7%	27,168	+0.4%	1.37%	+2.4%
BILL	Sell	BILL COM HLDGS INC	$5,091,000	+23.6%	19,070	-15.2%	1.33%	+38.6%
DNB	Buy	DUN & BRADSTREET HLDGS INC	$4,997,000	-21.0%	297,234	+0.4%	1.30%	-11.4%
RPAY	Buy	REPAY HLDGS CORP	$3,797,000	-3.8%	164,867	+0.4%	0.99%	+7.8%
MA	New	MASTERCARD INCORPORATEDcl a	$3,512,000	–	10,100	–	0.92%	–
SI	Buy	SILVERGATE CAP CORPcl a	$3,438,000	+2.3%	29,766	+0.4%	0.90%	+14.7%
PAR	New	PAR TECHNOLOGY CORP	$2,921,000	–	47,495	–	0.76%	–
AZEK	Buy	AZEK CO INCcl a	$2,810,000	-13.6%	76,924	+0.4%	0.73%	-3.2%
WETF	Buy	WISDOMTREE INVTS INC	$2,341,000	-8.2%	412,891	+0.4%	0.61%	+3.0%
PAYO	Buy	PAYONEER GLOBAL INC	$2,303,000	-17.2%	269,415	+0.4%	0.60%	-7.3%
CWK	Sell	CUSHMAN WAKEFIELD PLC	$2,188,000	-12.4%	117,581	-17.8%	0.57%	-1.7%
PENN	New	PENN NATL GAMING INC	$2,051,000	–	28,300	–	0.54%	–
PAGS	Buy	PAGSEGURO DIGITAL LTD	$2,024,000	+80.6%	39,126	+95.2%	0.53%	+102.3%
TCBI	Buy	TEXAS CAP BANCSHARES INC	$1,886,000	-5.1%	31,425	+0.4%	0.49%	+6.5%
AAC	Buy	ARES ACQUISITION CORPORATION	$1,776,000	-0.6%	179,380	+0.4%	0.46%	+11.3%
MAPS	Buy	WM TECHNOLOGY INC	$1,717,000	-18.5%	118,394	+0.4%	0.45%	-8.6%
XM	Buy	QUALTRICS INTL INC	$1,698,000	+12.2%	39,720	+0.4%	0.44%	+25.9%
AFRM	Sell	AFFIRM HLDGS INC	$1,600,000	+53.4%	13,433	-13.3%	0.42%	+71.6%
AUS	Buy	AUSTERLITZ ACQUISITION CORP	$1,386,000	-1.8%	140,758	+0.4%	0.36%	+10.0%
ASZ	Buy	AUSTERLITZ ACQUISITION CORP	$1,389,000	-0.2%	135,282	+0.4%	0.36%	+11.7%
IS	Buy	IRONSOURCE LTD	$1,183,000	+4.0%	108,791	+0.4%	0.31%	+16.6%
RMGCU	New	RMG ACQUISITION CORP IIIunit 02/08/2026	$1,176,000	–	119,071	–	0.31%	–
HCIIU	Buy	HUDSON EXECUTIVE INVS CORP Iunit 01/31/2027	$1,022,000	+0.2%	102,811	+0.4%	0.27%	+12.7%
CND	New	CONCORD ACQUISITION CORP	$1,009,000	–	100,100	–	0.26%	–
VRTS	Sell	VIRTUS INVT PARTNERS INC	$999,000	-59.6%	3,220	-63.9%	0.26%	-54.7%
	New	TOAST INCcl a	$869,000	–	17,400	–	0.23%	–
ABNB	Buy	AIRBNB INC	$694,000	+10.0%	4,140	+0.5%	0.18%	+23.1%
COIN	Buy	COINBASE GLOBAL INC	$692,000	-9.8%	3,041	+0.4%	0.18%	+1.7%
PSFE	Buy	PAYSAFE LIMITEDord	$648,000	-35.7%	83,559	+0.4%	0.17%	-28.1%
VPCC	Buy	VPC IMPACT ACQU HOLDI III IN	$363,000	+1.4%	35,918	+0.4%	0.10%	+14.5%
AI	Buy	C3 AI INCcl a	$312,000	-25.5%	6,733	+0.4%	0.08%	-16.5%
	New	JACKSON FINANCIAL INC	$281,000	–	10,803	–	0.07%	–
	New	MERIDIANLINK INC	$224,000	–	10,000	–	0.06%	–
DGNR	Exit	DRAGONEER GROWTH OPPORTUN CO	$0	–	-61,716	–	-0.14%	–
KPLT	Exit	KATAPULT HOLDINGS INC	$0	–	-63,710	–	-0.16%	–
GWAC	Exit	GOOD WORKS ACQUISITION CORP	$0	–	-79,383	–	-0.18%	–
LPRO	Exit	OPEN LENDING CORP	$0	–	-24,610	–	-0.25%	–
RMGB	Exit	RMG ACQUISITION CORP II	$0	–	-118,613	–	-0.28%	–
MSCI	Exit	MSCI INC	$0	–	-3,814	–	-0.47%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-32,229	–	-0.92%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-16,649	–	-0.92%	–
AON	Exit	AON PLC	$0	–	-20,497	–	-1.14%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-31,101	–	-1.42%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-77,555	–	-1.79%	–
	Exit	LIGHTSPEED POS INC	$0	–	-308,524	–	-6.00%	–

Q2 2021

			Value		Shares		↓ Weighting
PYPL	New	PAYPAL HLDGS INC	$37,612,000	–	129,038	–	8.75%	–
MGP	New	MGM GROWTH PPTYS LLC	$29,706,000	–	811,208	–	6.91%	–
FIS	New	FIDELITY NATL INFORMATION SV	$26,861,000	–	189,606	–	6.25%	–
	New	LIGHTSPEED POS INC	$25,796,000	–	308,524	–	6.00%	–
V	New	VISA INC	$25,709,000	–	109,951	–	5.98%	–
RNR	New	RENAISSANCERE HLDGS LTD	$21,402,000	–	143,813	–	4.98%	–
INFO	New	IHS MARKIT LTD	$17,275,000	–	153,339	–	4.02%	–
USB	New	US BANCORP DEL	$16,665,000	–	292,525	–	3.88%	–
FISV	New	FISERV INC	$16,098,000	–	150,603	–	3.75%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$15,316,000	–	211,874	–	3.56%	–
VOYA	New	VOYA FINANCIAL INC	$14,779,000	–	240,310	–	3.44%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$14,147,000	–	57,589	–	3.29%	–
LPLA	New	LPL FINL HLDGS INC	$13,493,000	–	99,965	–	3.14%	–
FOUR	New	SHIFT4 PMTS INCcl a	$9,985,000	–	106,546	–	2.32%	–
SQ	New	SQUARE INCcl a	$9,804,000	–	40,212	–	2.28%	–
BKI	New	BLACK KNIGHT INC	$9,636,000	–	123,576	–	2.24%	–
EQH	New	EQUITABLE HLDGS INC	$9,157,000	–	300,712	–	2.13%	–
FB	New	FACEBOOK INCcl a	$8,216,000	–	23,630	–	1.91%	–
GPN	New	GLOBAL PMTS INC	$7,796,000	–	41,570	–	1.81%	–
TRI	New	THOMSON REUTERS CORP.	$7,703,000	–	77,555	–	1.79%	–
MTB	New	M & T BK CORP	$7,243,000	–	49,845	–	1.68%	–
DNB	New	DUN & BRADSTREET HLDGS INC	$6,328,000	–	296,106	–	1.47%	–
JLL	New	JONES LANG LASALLE INC	$6,079,000	–	31,101	–	1.42%	–
CME	New	CME GROUP INC	$5,756,000	–	27,064	–	1.34%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$5,329,000	–	51,362	–	1.24%	–
AON	New	AON PLC	$4,894,000	–	20,497	–	1.14%	–
BILL	New	BILL COM HLDGS INC	$4,119,000	–	22,484	–	0.96%	–
WDAY	New	WORKDAY INCcl a	$3,975,000	–	16,649	–	0.92%	–
RPAY	New	REPAY HLDGS CORP	$3,948,000	–	164,235	–	0.92%	–
WYNN	New	WYNN RESORTS LTD	$3,942,000	–	32,229	–	0.92%	–
SI	New	SILVERGATE CAP CORPcl a	$3,360,000	–	29,651	–	0.78%	–
AZEK	New	AZEK CO INCcl a	$3,254,000	–	76,641	–	0.76%	–
PAYO	New	PAYONEER GLOBAL INC	$2,783,000	–	268,384	–	0.65%	–
WETF	New	WISDOMTREE INVTS INC	$2,550,000	–	411,309	–	0.59%	–
CWK	New	CUSHMAN WAKEFIELD PLC	$2,498,000	–	142,981	–	0.58%	–
VRTS	New	VIRTUS INVT PARTNERS INC	$2,475,000	–	8,910	–	0.58%	–
MAPS	New	WM TECHNOLOGY INC	$2,106,000	–	117,940	–	0.49%	–
MSCI	New	MSCI INC	$2,033,000	–	3,814	–	0.47%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$1,987,000	–	31,304	–	0.46%	–
AAC	New	ARES ACQUISITION CORPORATION	$1,786,000	–	178,583	–	0.42%	–
XM	New	QUALTRICS INTL INC	$1,513,000	–	39,568	–	0.35%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$1,412,000	–	140,217	–	0.33%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$1,392,000	–	134,762	–	0.32%	–
RMGB	New	RMG ACQUISITION CORP II	$1,186,000	–	118,613	–	0.28%	–
IS	New	IRONSOURCE LTD	$1,138,000	–	108,374	–	0.26%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$1,121,000	–	20,049	–	0.26%	–
LPRO	New	OPEN LENDING CORP	$1,060,000	–	24,610	–	0.25%	–
AFRM	New	AFFIRM HLDGS INC	$1,043,000	–	15,491	–	0.24%	–
HCIIU	New	HUDSON EXECUTIVE INVS CORP Iunit 01/31/2027	$1,020,000	–	102,417	–	0.24%	–
PSFE	New	PAYSAFE LIMITEDord	$1,008,000	–	83,239	–	0.24%	–
GWAC	New	GOOD WORKS ACQUISITION CORP	$790,000	–	79,383	–	0.18%	–
COIN	New	COINBASE GLOBAL INC	$767,000	–	3,029	–	0.18%	–
KPLT	New	KATAPULT HOLDINGS INC	$689,000	–	63,710	–	0.16%	–
ABNB	New	AIRBNB INC	$631,000	–	4,121	–	0.15%	–
DGNR	New	DRAGONEER GROWTH OPPORTUN CO	$615,000	–	61,716	–	0.14%	–
AI	New	C3 AI INCcl a	$419,000	–	6,704	–	0.10%	–
VPCC	New	VPC IMPACT ACQU HOLDI III IN	$358,000	–	35,759	–	0.08%	–

Q4 2020

			Value		Shares		↓ Weighting
CD	Exit	CHINDATA GROUP HLDGS LTDads	$0	–	-20,000	–	-0.08%	–
CHGG	Exit	CHEGG INC	$0	–	-11,895	–	-0.22%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-7,284	–	-0.28%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-4,978	–	-0.31%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-395,963	–	-0.32%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-102,568	–	-0.36%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-26,877	–	-0.40%	–
NCNO	Exit	NCINO INC	$0	–	-20,000	–	-0.40%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-6,256	–	-0.42%	–
RP	Exit	REALPAGE INC	$0	–	-31,444	–	-0.46%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-1,924	–	-0.50%	–
MSCI	Exit	MSCI INC	$0	–	-5,624	–	-0.51%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,914	–	-0.53%	–
TIG	Exit	TREAN INS GROUP INC	$0	–	-153,932	–	-0.60%	–
MTB	Exit	M & T BK CORP	$0	–	-25,711	–	-0.60%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-23,800	–	-0.61%	–
EFX	Exit	EQUIFAX INC	$0	–	-15,990	–	-0.64%	–
SPCE	Exit	VIRGIN GALACTIC HOLDINGS INC	$0	–	-165,488	–	-0.81%	–
BLK	Exit	BLACKROCK INC	$0	–	-5,684	–	-0.81%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-24,043	–	-0.86%	–
RE	Exit	EVEREST RE GROUP LTD	$0	–	-17,584	–	-0.88%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-44,946	–	-0.90%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-93,298	–	-0.90%	–
AZEK	Exit	AZEK CO INCcl a	$0	–	-103,025	–	-0.91%	–
O	Exit	REALTY INCOME CORP	$0	–	-59,825	–	-0.92%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-72,664	–	-0.94%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-82,346	–	-1.00%	–
CB	Exit	CHUBB LIMITED	$0	–	-37,330	–	-1.10%	–
EQIX	Exit	EQUINIX INC	$0	–	-5,796	–	-1.12%	–
COUP	Exit	COUPA SOFTWARE INC	$0	–	-16,216	–	-1.13%	–
FOUR	Exit	SHIFT4 PMTS INCcl a	$0	–	-92,073	–	-1.13%	–
CLVT	Exit	CLARIVATE PLC	$0	–	-155,988	–	-1.23%	–
NDAQ	Exit	NASDAQ INC	$0	–	-39,510	–	-1.23%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-27,237	–	-1.28%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-87,034	–	-1.28%	–
ZI	Exit	ZOOMINFO TECHNOLOGIES INC	$0	–	-120,000	–	-1.31%	–
	Exit	LIGHTSPEED POS INC	$0	–	-174,696	–	-1.42%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-314,462	–	-1.46%	–
RPAY	Exit	REPAY HLDGS CORP	$0	–	-250,000	–	-1.49%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-177,921	–	-1.55%	–
DNB	Exit	DUN & BRADSTREET HLDGS INC	$0	–	-250,000	–	-1.63%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-120,717	–	-1.77%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-125,013	–	-1.78%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-92,615	–	-1.88%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-203,261	–	-1.91%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-21,038	–	-1.93%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-87,493	–	-2.14%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-112,415	–	-2.19%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-32,513	–	-2.43%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-60,443	–	-2.73%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-127,354	–	-2.82%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-242,613	–	-3.12%	–
AON	Exit	AON PLC	$0	–	-61,683	–	-3.24%	–
FISV	Exit	FISERV INC	$0	–	-157,129	–	-4.12%	–
V	Exit	VISA INC	$0	–	-103,107	–	-5.24%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-893,915	–	-6.36%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-133,035	–	-6.66%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-161,559	–	-6.97%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-217,125	–	-8.13%	–

Q3 2020

			Value		Shares		↓ Weighting
FIS	Sell	FIDELITY NATL INFORMATION SV	$31,963,000	+8.8%	217,125	-0.9%	8.13%	-5.4%
RNR	Buy	RENAISSANCERE HLDGS LTD	$27,423,000	+1.6%	161,559	+2.3%	6.97%	-11.7%
PYPL	Buy	PAYPAL HLDGS INC	$26,212,000	+14.1%	133,035	+0.9%	6.66%	-0.8%
MGP	Buy	MGM GROWTH PPTYS LLC	$25,012,000	+5.2%	893,915	+2.3%	6.36%	-8.5%
V	Buy	VISA INC	$20,618,000	+11.1%	103,107	+7.3%	5.24%	-3.4%
FISV	Buy	FISERV INC	$16,192,000	+17.5%	157,129	+11.3%	4.12%	+2.2%
AON	Buy	AON PLC	$12,725,000	+103.7%	61,683	+90.2%	3.24%	+77.2%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$12,252,000	+16.2%	242,613	-1.9%	3.12%	+1.0%
BKI	Buy	BLACK KNIGHT INC	$11,086,000	+144.8%	127,354	+104.1%	2.82%	+112.9%
GPN	Sell	GLOBAL PMTS INC	$10,733,000	+1.4%	60,443	-3.1%	2.73%	-11.8%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$9,558,000	+55.1%	32,513	+13.8%	2.43%	+34.9%
LPLA	Buy	LPL FINL HLDGS INC	$8,619,000	+18.1%	112,415	+20.7%	2.19%	+2.7%
JPM	Buy	JPMORGAN CHASE & CO	$8,423,000	+53.9%	87,493	+50.4%	2.14%	+33.9%
SPGI	Sell	S&P GLOBAL INC	$7,586,000	-17.4%	21,038	-24.5%	1.93%	-28.2%
ESNT	Buy	ESSENT GROUP LTD	$7,523,000	+4.5%	203,261	+2.5%	1.91%	-9.1%
TRI	Buy	THOMSON REUTERS CORP.	$7,388,000	+20.2%	92,615	+2.4%	1.88%	+4.6%
CZR	New	CAESARS ENTERTAINMENT INC NE	$7,008,000	–	125,013	–	1.78%	–
DFS	Buy	DISCOVER FINL SVCS	$6,975,000	+51.8%	120,717	+31.6%	1.77%	+32.1%
DNB	New	DUN & BRADSTREET HLDGS INC	$6,415,000	–	250,000	–	1.63%	–
BK	Sell	BANK NEW YORK MELLON CORP	$6,110,000	-40.9%	177,921	-33.5%	1.55%	-48.6%
RPAY	Buy	REPAY HLDGS CORP	$5,875,000	+260.7%	250,000	+278.0%	1.49%	+213.9%
EQH	Buy	EQUITABLE HLDGS INC	$5,736,000	+29.3%	314,462	+36.8%	1.46%	+12.4%
	New	LIGHTSPEED POS INC	$5,594,000	–	174,696	–	1.42%	–
ZI	New	ZOOMINFO TECHNOLOGIES INC	$5,159,000	–	120,000	–	1.31%	–
TW	Sell	TRADEWEB MKTS INCcl a	$5,048,000	-6.9%	87,034	-6.7%	1.28%	-19.0%
VRSK	Buy	VERISK ANALYTICS INC	$5,047,000	+11.6%	27,237	+2.5%	1.28%	-3.0%
NDAQ	Buy	NASDAQ INC	$4,848,000	+169.9%	39,510	+162.8%	1.23%	+134.9%
CLVT	Buy	CLARIVATE PLC	$4,834,000	+42.3%	155,988	+2.5%	1.23%	+23.8%
FOUR	New	SHIFT4 PMTS INCcl a	$4,453,000	–	92,073	–	1.13%	–
COUP	New	COUPA SOFTWARE INC	$4,447,000	–	16,216	–	1.13%	–
EQIX	Sell	EQUINIX INC	$4,406,000	-25.3%	5,796	-31.0%	1.12%	-35.0%
CB	Buy	CHUBB LIMITED	$4,335,000	+132.9%	37,330	+154.0%	1.10%	+102.6%
VOYA	Buy	VOYA FINANCIAL INC	$3,947,000	+46.5%	82,346	+42.6%	1.00%	+27.4%
FAF	Buy	FIRST AMERN FINL CORP	$3,699,000	+42.7%	72,664	+34.6%	0.94%	+24.1%
O	Sell	REALTY INCOME CORP	$3,634,000	-16.4%	59,825	-18.1%	0.92%	-27.3%
AZEK	New	AZEK CO INCcl a	$3,586,000	–	103,025	–	0.91%	–
TFC	New	TRUIST FINL CORP	$3,550,000	–	93,298	–	0.90%	–
INFO	Sell	IHS MARKIT LTD	$3,529,000	-21.2%	44,946	-24.3%	0.90%	-31.5%
RE	Buy	EVEREST RE GROUP LTD	$3,474,000	-1.8%	17,584	+2.5%	0.88%	-14.6%
SUI	Sell	SUN CMNTYS INC	$3,381,000	-0.7%	24,043	-4.2%	0.86%	-13.7%
BLK	Buy	BLACKROCK INC	$3,203,000	+17.0%	5,684	+12.9%	0.81%	+1.8%
SPCE	Buy	VIRGIN GALACTIC HOLDINGS INC	$3,182,000	+36.5%	165,488	+16.0%	0.81%	+18.8%
EFX	Buy	EQUIFAX INC	$2,509,000	+43.8%	15,990	+57.5%	0.64%	+25.1%
BILL	Sell	BILL COM HLDGS INC	$2,387,000	-9.0%	23,800	-18.2%	0.61%	-20.9%
MTB	Buy	M & T BK CORP	$2,368,000	-9.2%	25,711	+2.6%	0.60%	-21.0%
TIG	New	TREAN INS GROUP INC	$2,347,000	–	153,932	–	0.60%	–
MELI	New	MERCADOLIBRE INC	$2,072,000	–	1,914	–	0.53%	–
MSCI	New	MSCI INC	$2,007,000	–	5,624	–	0.51%	–
SHOP	New	SHOPIFY INCcl a	$1,968,000	–	1,924	–	0.50%	–
RP	Buy	REALPAGE INC	$1,812,000	+8.0%	31,444	+21.8%	0.46%	-6.1%
FB	New	FACEBOOK INCcl a	$1,638,000	–	6,256	–	0.42%	–
NCNO	New	NCINO INC	$1,594,000	–	20,000	–	0.40%	–
DKNG	Sell	DRAFTKINGS INC	$1,581,000	-33.9%	26,877	-62.6%	0.40%	-42.5%
ACI	Buy	ALBERTSONS COS INC	$1,421,000	-9.9%	102,568	+2.6%	0.36%	-21.7%
WETF	Buy	WISDOMTREE INVTS INC	$1,267,000	-5.7%	395,963	+2.3%	0.32%	-18.1%
TWLO	New	TWILIO INCcl a	$1,230,000	–	4,978	–	0.31%	–
SE	Buy	SEA LTDsponsord ads	$1,122,000	+47.2%	7,284	+2.5%	0.28%	+27.8%
CHGG	New	CHEGG INC	$850,000	–	11,895	–	0.22%	–
CD	New	CHINDATA GROUP HLDGS LTDads	$325,000	–	20,000	–	0.08%	–
WPC	Exit	WP CAREY INC	$0	–	-24,700	–	-0.49%	–
KKR	Exit	KKR & CO INC	$0	–	-54,643	–	-0.49%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-47,227	–	-0.50%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-44,456	–	-0.50%	–
CNNE	Exit	CANNAE HLDGS INC	$0	–	-41,700	–	-0.50%	–
PING	Exit	PING IDENTITY HLDG CORP	$0	–	-54,200	–	-0.51%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-2,543	–	-0.53%	–
SPLK	Exit	SPLUNK INC	$0	–	-9,480	–	-0.55%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-17,005	–	-0.57%	–
WEX	Exit	WEX INC	$0	–	-15,089	–	-0.73%	–
VICI	Exit	VICI PPTYS INC	$0	–	-125,000	–	-0.74%	–
LOW	Exit	LOWES COS INC	$0	–	-19,188	–	-0.76%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-25,000	–	-0.76%	–
USB	Exit	US BANCORP DEL	$0	–	-71,925	–	-0.77%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-37,033	–	-0.99%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-45,424	–	-1.05%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-224,323	–	-1.06%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-22,230	–	-1.28%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-44,093	–	-1.38%	–

Q2 2020

			Value		Shares		↓ Weighting
FIS	New	FIDELITY NATL INFORMATION SV	$29,371,000	–	219,041	–	8.59%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$27,001,000	–	157,871	–	7.89%	–
MGP	New	MGM GROWTH PPTYS LLC	$23,771,000	–	873,609	–	6.95%	–
PYPL	New	PAYPAL HLDGS INC	$22,981,000	–	131,898	–	6.72%	–
V	New	VISA INC	$18,563,000	–	96,095	–	5.43%	–
FISV	New	FISERV INC	$13,782,000	–	141,184	–	4.03%	–
GPN	New	GLOBAL PMTS INC	$10,580,000	–	62,377	–	3.09%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$10,544,000	–	247,388	–	3.08%	–
BK	New	BANK NEW YORK MELLON CORP	$10,344,000	–	267,645	–	3.02%	–
SPGI	New	S&P GLOBAL INC	$9,186,000	–	27,879	–	2.69%	–
LPLA	New	LPL FINL HLDGS INC	$7,301,000	–	93,125	–	2.14%	–
ESNT	New	ESSENT GROUP LTD	$7,196,000	–	198,399	–	2.10%	–
AON	New	AON PLC	$6,246,000	–	32,428	–	1.83%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$6,162,000	–	28,569	–	1.80%	–
TRI	New	THOMSON REUTERS CORP.	$6,146,000	–	90,426	–	1.80%	–
EQIX	New	EQUINIX INC	$5,897,000	–	8,397	–	1.72%	–
JPM	New	JPMORGAN CHASE & CO	$5,472,000	–	58,172	–	1.60%	–
TW	New	TRADEWEB MKTS INCcl a	$5,423,000	–	93,271	–	1.58%	–
MMC	New	MARSH & MCLENNAN COS INC	$4,734,000	–	44,093	–	1.38%	–
DFS	New	DISCOVER FINL SVCS	$4,594,000	–	91,710	–	1.34%	–
BKI	New	BLACK KNIGHT INC	$4,528,000	–	62,400	–	1.32%	–
VRSK	New	VERISK ANALYTICS INC	$4,524,000	–	26,583	–	1.32%	–
INFO	New	IHS MARKIT LTD	$4,481,000	–	59,354	–	1.31%	–
EQH	New	EQUITABLE HLDGS INC	$4,435,000	–	229,927	–	1.30%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,393,000	–	22,230	–	1.28%	–
O	New	REALTY INCOME CORP	$4,348,000	–	73,071	–	1.27%	–
NMIH	New	NMI HLDGS INCcl a	$3,607,000	–	224,323	–	1.06%	–
NTRS	New	NORTHERN TR CORP	$3,604,000	–	45,424	–	1.05%	–
RE	New	EVEREST RE GROUP LTD	$3,538,000	–	17,160	–	1.03%	–
SUI	New	SUN CMNTYS INC	$3,406,000	–	25,106	–	1.00%	–
CLVT	New	CLARIVATE PLC	$3,398,000	–	152,186	–	0.99%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$3,392,000	–	37,033	–	0.99%	–
BLK	New	BLACKROCK INC	$2,738,000	–	5,033	–	0.80%	–
VOYA	New	VOYA FINANCIAL INC	$2,694,000	–	57,750	–	0.79%	–
USB	New	US BANCORP DEL	$2,648,000	–	71,925	–	0.77%	–
BILL	New	BILL COM HLDGS INC	$2,623,000	–	29,078	–	0.77%	–
MTB	New	M & T BK CORP	$2,607,000	–	25,071	–	0.76%	–
TMUS	New	T-MOBILE US INC	$2,604,000	–	25,000	–	0.76%	–
FAF	New	FIRST AMERN FINL CORP	$2,593,000	–	54,000	–	0.76%	–
LOW	New	LOWES COS INC	$2,593,000	–	19,188	–	0.76%	–
VICI	New	VICI PPTYS INC	$2,524,000	–	125,000	–	0.74%	–
WEX	New	WEX INC	$2,490,000	–	15,089	–	0.73%	–
DKNG	New	DRAFTKINGS INC	$2,391,000	–	71,900	–	0.70%	–
SPCE	New	VIRGIN GALACTIC HOLDINGS INC	$2,331,000	–	142,674	–	0.68%	–
TRV	New	TRAVELERS COMPANIES INC	$1,939,000	–	17,005	–	0.57%	–
SPLK	New	SPLUNK INC	$1,884,000	–	9,480	–	0.55%	–
CB	New	CHUBB LIMITED	$1,861,000	–	14,696	–	0.54%	–
CSGP	New	COSTAR GROUP INC	$1,807,000	–	2,543	–	0.53%	–
NDAQ	New	NASDAQ INC	$1,796,000	–	15,035	–	0.52%	–
EFX	New	EQUIFAX INC	$1,745,000	–	10,152	–	0.51%	–
PING	New	PING IDENTITY HLDG CORP	$1,739,000	–	54,200	–	0.51%	–
COLD	New	AMERICOLD RLTY TR	$1,714,000	–	47,227	–	0.50%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,714,000	–	44,456	–	0.50%	–
CNNE	New	CANNAE HLDGS INC	$1,714,000	–	41,700	–	0.50%	–
KKR	New	KKR & CO INC	$1,687,000	–	54,643	–	0.49%	–
RP	New	REALPAGE INC	$1,678,000	–	25,813	–	0.49%	–
WPC	New	WP CAREY INC	$1,671,000	–	24,700	–	0.49%	–
RPAY	New	REPAY HLDGS CORP	$1,629,000	–	66,145	–	0.48%	–
ACI	New	ALBERTSONS COS INC	$1,577,000	–	100,000	–	0.46%	–
WETF	New	WISDOMTREE INVTS INC	$1,343,000	–	386,967	–	0.39%	–
SE	New	SEA LTDsponsored ads	$762,000	–	7,103	–	0.22%	–

Q4 2019

			Value		Shares		↓ Weighting
SDC	Exit	SMILEDIRECTCLUB INC	$0	–	-20,044	–	-0.09%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-59,649	–	-0.27%	–
USX	Exit	US XPRESS ENTERPRISES INC	$0	–	-218,840	–	-0.33%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-70,000	–	-0.40%	–
C	Exit	CITIGROUP INC	$0	–	-22,688	–	-0.49%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-39,200	–	-0.51%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-14,234	–	-0.53%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-41,799	–	-0.62%	–
VICI	Exit	VICI PPTYS INC	$0	–	-107,095	–	-0.76%	–
NNN	Exit	NATIONAL RETAIL PPTYS INC	$0	–	-44,354	–	-0.78%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-507,393	–	-0.83%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-520,797	–	-0.89%	–
G	Exit	GENPACT LIMITED	$0	–	-79,199	–	-0.96%	–
STAG	Exit	STAG INDL INC	$0	–	-106,900	–	-0.98%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-5,839	–	-1.00%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-98,496	–	-1.23%	–
MTB	Exit	M & T BK CORP	$0	–	-25,732	–	-1.27%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-48,091	–	-1.77%	–
VCTR	Exit	VICTORY CAP HLDGS INC	$0	–	-373,705	–	-1.79%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-230,857	–	-1.97%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-23,936	–	-2.02%	–
MS	Exit	MORGAN STANLEY	$0	–	-162,474	–	-2.16%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-33,309	–	-2.17%	–
BV	Exit	BRIGHTVIEW HLDGS INC	$0	–	-474,463	–	-2.53%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-159,117	–	-3.03%	–
VOYA	Exit	VOYA FINL INC	$0	–	-178,776	–	-3.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-74,733	–	-3.03%	–
V	Exit	VISA INC	$0	–	-56,951	–	-3.05%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-231,816	–	-3.16%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-43,270	–	-3.30%	–
BLK	Exit	BLACKROCK INC	$0	–	-25,230	–	-3.50%	–
AXS	Exit	AXIS CAPITAL HOLDINGS LTD	$0	–	-169,683	–	-3.53%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-76,396	–	-3.78%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-119,464	–	-3.85%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-420,288	–	-3.93%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-502,244	–	-4.18%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-276,777	–	-4.46%	–
FISV	Exit	FISERV INC	$0	–	-139,219	–	-4.49%	–
WEX	Exit	WEX INC	$0	–	-76,959	–	-4.84%	–
TRU	Exit	TRANSUNION	$0	–	-285,163	–	-7.20%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-273,013	–	-11.29%	–

Q3 2019

			Value		Shares		↓ Weighting
FIS	Buy	FIDELITY NATL INFORMATION SV	$36,245,000	+334.8%	273,013	+301.8%	11.29%	+364.2%
TRU	Buy	TRANSUNION	$23,130,000	+18.0%	285,163	+6.9%	7.20%	+26.0%
WEX	Buy	WEX INC	$15,551,000	+9.6%	76,959	+12.8%	4.84%	+17.0%
FISV	New	FISERV INC	$14,422,000	–	139,219	–	4.49%	–
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$14,320,000	-4.3%	276,777	+3.1%	4.46%	+2.2%
FHB	Buy	FIRST HAWAIIAN INC	$13,410,000	+12.9%	502,244	+9.4%	4.18%	+20.5%
MGP	Buy	MGM GROWTH PPTYS LLC	$12,630,000	+4.8%	420,288	+6.9%	3.93%	+11.9%
PYPL	Buy	PAYPAL HLDGS INC	$12,375,000	+11.6%	119,464	+23.3%	3.85%	+19.2%
GPN	New	GLOBAL PMTS INC	$12,147,000	–	76,396	–	3.78%	–
AXS	Buy	AXIS CAPITAL HOLDINGS LTD	$11,321,000	+17.5%	169,683	+5.1%	3.53%	+25.5%
BLK	Sell	BLACKROCK INC	$11,243,000	-5.3%	25,230	-0.2%	3.50%	+1.2%
SPGI	Buy	S&P GLOBAL INC	$10,600,000	+15.0%	43,270	+7.0%	3.30%	+22.8%
ETFC	Buy	E TRADE FINANCIAL CORP	$10,128,000	+5.6%	231,816	+7.8%	3.16%	+12.8%
V	Sell	VISA INC	$9,796,000	-8.7%	56,951	-7.9%	3.05%	-2.5%
DIS	Buy	DISNEY WALT CO	$9,739,000	+4.5%	74,733	+12.0%	3.03%	+11.6%
VOYA	Sell	VOYA FINL INC	$9,733,000	-15.8%	178,776	-14.5%	3.03%	-10.1%
BKI	Buy	BLACK KNIGHT INC	$9,716,000	+2.4%	159,117	+0.9%	3.03%	+9.4%
BV	Sell	BRIGHTVIEW HLDGS INC	$8,137,000	-12.3%	474,463	-4.3%	2.53%	-6.4%
SIVB	Sell	SVB FINL GROUP	$6,960,000	-17.2%	33,309	-11.0%	2.17%	-11.6%
MS	Buy	MORGAN STANLEY	$6,933,000	+83.1%	162,474	+88.0%	2.16%	+95.6%
MA	Sell	MASTERCARD INCcl a	$6,500,000	-12.0%	23,936	-14.3%	2.02%	-6.0%
FITB	Buy	FIFTH THIRD BANCORP	$6,321,000	+16.7%	230,857	+18.9%	1.97%	+24.6%
VCTR	Buy	VICTORY CAP HLDGS INC	$5,748,000	+4.7%	373,705	+17.0%	1.79%	+11.8%
AXP	Sell	AMERICAN EXPRESS CO	$5,688,000	-42.2%	48,091	-39.7%	1.77%	-38.3%
MTB	New	M & T BK CORP	$4,065,000	–	25,732	–	1.27%	–
GDS	Sell	GDS HLDGS LTDsponsored ads	$3,948,000	-5.0%	98,496	-10.9%	1.23%	+1.5%
MELI	Buy	MERCADOLIBRE INC	$3,219,000	+2.5%	5,839	+13.7%	1.00%	+9.5%
STAG	New	STAG INDL INC	$3,151,000	–	106,900	–	0.98%	–
G	Buy	GENPACT LIMITED	$3,069,000	+263.6%	79,199	+257.5%	0.96%	+288.6%
BGCP	Buy	BGC PARTNERS INCcl a	$2,864,000	+12.4%	520,797	+6.9%	0.89%	+20.1%
WETF	Buy	WISDOMTREE INVTS INC	$2,651,000	-9.5%	507,393	+6.9%	0.83%	-3.3%
NNN	New	NATIONAL RETAIL PPTYS INC	$2,502,000	–	44,354	–	0.78%	–
VICI	Sell	VICI PPTYS INC	$2,426,000	-9.8%	107,095	-12.3%	0.76%	-3.7%
ESNT	Sell	ESSENT GROUP LTD	$1,993,000	-15.9%	41,799	-17.1%	0.62%	-10.3%
SBNY	New	SIGNATURE BK NEW YORK N Y	$1,697,000	–	14,234	–	0.53%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$1,640,000	–	39,200	–	0.51%	–
C	New	CITIGROUP INC	$1,567,000	–	22,688	–	0.49%	–
FOR	New	FORESTAR GROUP INC	$1,280,000	–	70,000	–	0.40%	–
USX	Buy	US XPRESS ENTERPRISES INC	$1,055,000	+0.3%	218,840	+6.9%	0.33%	+7.2%
VRRM	Sell	VERRA MOBILITY CORP	$856,000	-48.2%	59,649	-52.7%	0.27%	-44.6%
SDC	New	SMILEDIRECTCLUB INC	$278,000	–	20,044	–	0.09%	–
CHNG	Exit	CHANGE HEALTHCARE INC	$0	–	-115,000	–	-0.49%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-62,513	–	-0.68%	–
ARMK	Exit	ARAMARK	$0	–	-69,769	–	-0.73%	–
SWI	Exit	SOLARWINDS CORP	$0	–	-180,631	–	-0.97%	–
AGS	Exit	PLAYAGS INC	$0	–	-183,847	–	-1.04%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-383,752	–	-1.42%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-112,202	–	-1.50%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-270,405	–	-1.65%	–
DHI	Exit	D R HORTON INC	$0	–	-140,524	–	-1.77%	–
CMA	Exit	COMERICA INC	$0	–	-105,793	–	-2.24%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-93,839	–	-3.51%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-454,226	–	-3.59%	–
WP	Exit	WORLDPAY INCcl a	$0	–	-254,131	–	-9.08%	–

Q2 2019

			Value		Shares		↓ Weighting
WP	New	WORLDPAY INCcl a	$31,144,000	–	254,131	–	9.08%	–
TRU	New	TRANSUNION	$19,602,000	–	266,655	–	5.72%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$14,967,000	–	268,513	–	4.37%	–
WEX	New	WEX INC	$14,194,000	–	68,209	–	4.14%	–
FDC	New	FIRST DATA CORP NEW	$12,296,000	–	454,226	–	3.59%	–
MGP	New	MGM GROWTH PPTYS LLC	$12,051,000	–	393,176	–	3.52%	–
TSS	New	TOTAL SYS SVCS INC	$12,037,000	–	93,839	–	3.51%	–
FHB	New	FIRST HAWAIIAN INC	$11,880,000	–	459,215	–	3.47%	–
BLK	New	BLACKROCK INC	$11,869,000	–	25,291	–	3.46%	–
VOYA	New	VOYA FINL INC	$11,562,000	–	209,076	–	3.37%	–
PYPL	New	PAYPAL HLDGS INC	$11,088,000	–	96,873	–	3.23%	–
V	New	VISA INC	$10,727,000	–	61,808	–	3.13%	–
AXP	New	AMERICAN EXPRESS CO	$9,842,000	–	79,733	–	2.87%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$9,634,000	–	161,504	–	2.81%	–
ETFC	New	E TRADE FINANCIAL CORP	$9,591,000	–	215,052	–	2.80%	–
BKI	New	BLACK KNIGHT INC	$9,485,000	–	157,690	–	2.77%	–
DIS	New	DISNEY WALT CO	$9,318,000	–	66,729	–	2.72%	–
BV	New	BRIGHTVIEW HLDGS INC	$9,281,000	–	496,023	–	2.71%	–
SPGI	New	S&P GLOBAL INC	$9,216,000	–	40,458	–	2.69%	–
SIVB	New	SVB FINL GROUP	$8,409,000	–	37,443	–	2.45%	–
FIS	New	FIDELITY NATL INFORMATION SV	$8,336,000	–	67,949	–	2.43%	–
CMA	New	COMERICA INC	$7,685,000	–	105,793	–	2.24%	–
MA	New	MASTERCARD INCcl a	$7,387,000	–	27,926	–	2.16%	–
DHI	New	D R HORTON INC	$6,061,000	–	140,524	–	1.77%	–
EQH	New	AXA EQUITABLE HLDGS INC	$5,651,000	–	270,405	–	1.65%	–
VCTR	New	VICTORY CAP HLDGS INC	$5,488,000	–	319,429	–	1.60%	–
FITB	New	FIFTH THIRD BANCORP	$5,417,000	–	194,144	–	1.58%	–
ZION	New	ZIONS BANCORPORATION N A	$5,159,000	–	112,202	–	1.50%	–
TWO	New	TWO HBRS INVT CORP	$4,862,000	–	383,752	–	1.42%	–
GDS	New	GDS HLDGS LTDsponsored ads	$4,154,000	–	110,574	–	1.21%	–
MS	New	MORGAN STANLEY	$3,786,000	–	86,420	–	1.10%	–
AGS	New	PLAYAGS INC	$3,576,000	–	183,847	–	1.04%	–
SWI	New	SOLARWINDS CORP	$3,313,000	–	180,631	–	0.97%	–
MELI	New	MERCADOLIBRE INC	$3,141,000	–	5,134	–	0.92%	–
WETF	New	WISDOMTREE INVTS INC	$2,928,000	–	474,582	–	0.85%	–
VICI	New	VICI PPTYS INC	$2,691,000	–	122,100	–	0.78%	–
BGCP	New	BGC PARTNERS INCcl a	$2,548,000	–	487,119	–	0.74%	–
ARMK	New	ARAMARK	$2,516,000	–	69,769	–	0.73%	–
ESNT	New	ESSENT GROUP LTD	$2,371,000	–	50,451	–	0.69%	–
ACGL	New	ARCH CAP GROUP LTDord	$2,318,000	–	62,513	–	0.68%	–
CHNG	New	CHANGE HEALTHCARE INC	$1,679,000	–	115,000	–	0.49%	–
VRRM	New	VERRA MOBILITY CORP	$1,651,000	–	126,120	–	0.48%	–
USX	New	US XPRESS ENTERPRISES INC	$1,052,000	–	204,687	–	0.31%	–
G	New	GENPACT LIMITED	$844,000	–	22,154	–	0.25%	–

Q4 2018

			Value		Shares		↓ Weighting
GFF	Exit	GRIFFON CORP	$0	–	-58,987	–	-0.38%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-10,000	–	-0.44%	–
GSKY	Exit	GREENSKY INCcl a	$0	–	-63,116	–	-0.45%	–
TSG	Exit	STARS GROUP INC	$0	–	-46,082	–	-0.45%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-34,677	–	-0.46%	–
ROAD	Exit	CONSTRUCTION PARTNERS INC	$0	–	-97,993	–	-0.47%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-89,300	–	-0.47%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-28,300	–	-0.50%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-61,205	–	-0.64%	–
DOCU	Exit	DOCUSIGN INC	$0	–	-40,000	–	-0.83%	–
HDB	Exit	HDFC BANK LTD	$0	–	-22,500	–	-0.84%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-259,042	–	-0.87%	–
BV	Exit	BRIGHTVIEW HLDGS INC	$0	–	-137,072	–	-0.87%	–
CONE	Exit	CYRUSONE INC	$0	–	-35,000	–	-0.88%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-46,089	–	-0.90%	–
ARES	Exit	ARES MGMT LP	$0	–	-98,243	–	-0.90%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-83,320	–	-0.91%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-22,500	–	-0.95%	–
EPRT	Exit	ESSENTIAL PPTYS RLTY TR INC	$0	–	-174,435	–	-0.98%	–
VCTR	Exit	VICTORY CAP HLDGS INC	$0	–	-267,834	–	-1.01%	–
USX	Exit	US XPRESS ENTERPRISES INC	$0	–	-191,073	–	-1.04%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-97,816	–	-1.27%	–
GDI	Exit	GARDNER DENVER HLDGS INC	$0	–	-115,256	–	-1.29%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-39,000	–	-1.36%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-67,875	–	-1.37%	–
SABR	Exit	SABRE CORP	$0	–	-137,891	–	-1.42%	–
MTB	Exit	M & T BK CORP	$0	–	-23,200	–	-1.51%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-362,703	–	-1.70%	–
BAC	Exit	BANK AMER CORP	$0	–	-150,618	–	-1.76%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-92,025	–	-1.82%	–
BLK	Exit	BLACKROCK INC	$0	–	-10,610	–	-1.98%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-234,639	–	-1.99%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-51,000	–	-1.99%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-116,204	–	-2.19%	–
CME	Exit	CME GROUP INC	$0	–	-33,303	–	-2.24%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-68,884	–	-2.25%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-234,500	–	-2.27%	–
CXW	Exit	CORECIVIC INC	$0	–	-242,145	–	-2.33%	–
V	Exit	VISA INC	$0	–	-39,800	–	-2.36%	–
CMA	Exit	COMERICA INC	$0	–	-71,135	–	-2.54%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-102,811	–	-2.75%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-244,930	–	-2.86%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-24,218	–	-2.98%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-206,191	–	-3.15%	–
VOYA	Exit	VOYA FINL INC	$0	–	-168,132	–	-3.30%	–
MS	Exit	MORGAN STANLEY	$0	–	-185,606	–	-3.42%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-167,426	–	-3.47%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-325,755	–	-3.50%	–
H	Exit	HYATT HOTELS CORP	$0	–	-112,243	–	-3.53%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-212,451	–	-4.37%	–
WEX	Exit	WEX INC	$0	–	-59,285	–	-4.71%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-217,226	–	-4.78%	–
TRU	Exit	TRANSUNION	$0	–	-217,182	–	-6.32%	–

Q3 2018

			Value		Shares		↓ Weighting
TRU	Sell	TRANSUNION	$15,980,000	-0.8%	217,182	-3.4%	6.32%	+5.1%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$12,071,000	-13.4%	217,226	-8.4%	4.78%	-8.2%
H	Sell	HYATT HOTELS CORP	$8,933,000	-6.1%	112,243	-9.0%	3.53%	-0.5%
FHB	Buy	FIRST HAWAIIAN INC	$8,848,000	+20.6%	325,755	+28.8%	3.50%	+27.8%
ETFC	Sell	E TRADE FINANCIAL CORP	$8,771,000	-22.9%	167,426	-10.0%	3.47%	-18.3%
MS	Sell	MORGAN STANLEY	$8,644,000	-7.8%	185,606	-6.2%	3.42%	-2.3%
SIVB	Sell	SVB FINL GROUP	$7,528,000	-1.7%	24,218	-8.7%	2.98%	+4.2%
MGP	Sell	MGM GROWTH PPTYS LLC	$7,223,000	-10.3%	244,930	-7.3%	2.86%	-4.9%
V	Sell	VISA INC	$5,974,000	-14.8%	39,800	-24.8%	2.36%	-9.6%
CXW	Sell	CORECIVIC INC	$5,891,000	-2.2%	242,145	-4.0%	2.33%	+3.6%
FDC	New	FIRST DATA CORP NEW	$5,738,000	–	234,500	–	2.27%	–
TCBI	Buy	TEXAS CAPITAL BANCSHARES INC	$5,693,000	-0.4%	68,884	+10.3%	2.25%	+5.6%
CME	Sell	CME GROUP INC	$5,669,000	-15.8%	33,303	-18.9%	2.24%	-10.7%
HWC	Sell	HANCOCK WHITNEY CORPORATION	$5,526,000	-10.8%	116,204	-12.5%	2.19%	-5.5%
TSS	Sell	TOTAL SYS SVCS INC	$5,036,000	+6.7%	51,000	-8.7%	1.99%	+13.1%
EQH	Sell	AXA EQUITABLE HLDGS INC	$5,033,000	-26.9%	234,639	-29.8%	1.99%	-22.5%
BLK	Buy	BLACKROCK INC	$5,001,000	+117.7%	10,610	+130.5%	1.98%	+130.8%
ZION	Sell	ZIONS BANCORPORATION	$4,615,000	-15.0%	92,025	-10.7%	1.82%	-9.9%
BAC	Buy	BANK AMER CORP	$4,437,000	+38.8%	150,618	+32.8%	1.76%	+47.1%
BGCP	Sell	BGC PARTNERS INCcl a	$4,287,000	-0.2%	362,703	-4.4%	1.70%	+5.9%
MTB	New	M & T BK CORP	$3,817,000	–	23,200	–	1.51%	–
SABR	Buy	SABRE CORP	$3,596,000	+54.5%	137,891	+45.9%	1.42%	+63.6%
BK	Sell	BANK NEW YORK MELLON CORP	$3,461,000	-36.2%	67,875	-32.6%	1.37%	-32.4%
PYPL	New	PAYPAL HLDGS INC	$3,426,000	–	39,000	–	1.36%	–
GDI	Buy	GARDNER DENVER HLDGS INC	$3,266,000	+16.2%	115,256	+20.5%	1.29%	+23.2%
USX	Sell	US XPRESS ENTERPRISES INC	$2,637,000	-18.4%	191,073	-10.4%	1.04%	-13.4%
EPRT	Sell	ESSENTIAL PPTYS RLTY TR INC	$2,475,000	-16.4%	174,435	-20.2%	0.98%	-11.4%
AXP	New	AMERICAN EXPRESS CO	$2,396,000	–	22,500	–	0.95%	–
CNP	New	CENTERPOINT ENERGY INC	$2,304,000	–	83,320	–	0.91%	–
ARES	New	ARES MGMT LP	$2,279,000	–	98,243	–	0.90%	–
SCHW	Sell	SCHWAB CHARLES CORP NEW	$2,265,000	-22.9%	46,089	-19.8%	0.90%	-18.2%
CONE	New	CYRUSONE INC	$2,219,000	–	35,000	–	0.88%	–
BV	Sell	BRIGHTVIEW HLDGS INC	$2,200,000	-27.1%	137,072	-0.3%	0.87%	-22.7%
HDB	New	HDFC BANK LTD	$2,117,000	–	22,500	–	0.84%	–
DOCU	New	DOCUSIGN INC	$2,103,000	–	40,000	–	0.83%	–
GHL	Sell	GREENHILL & CO INC	$1,613,000	-17.2%	61,205	-10.8%	0.64%	-12.2%
BHF	New	BRIGHTHOUSE FINL INC	$1,252,000	–	28,300	–	0.50%	–
MTG	New	MGIC INVT CORP WIS	$1,189,000	–	89,300	–	0.47%	–
TSG	Sell	STARS GROUP INC	$1,147,000	-63.7%	46,082	-47.1%	0.45%	-61.5%
GSKY	Sell	GREENSKY INCcl a	$1,136,000	-56.1%	63,116	-48.4%	0.45%	-53.5%
DLR	New	DIGITAL RLTY TR INC	$1,125,000	–	10,000	–	0.44%	–
GFF	Sell	GRIFFON CORP	$953,000	-22.4%	58,987	-14.5%	0.38%	-17.7%
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-27,380	–	-0.35%	–
BJ	Exit	BJS WHSL CLUB HLDGS INC	$0	–	-54,783	–	-0.48%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-138,016	–	-0.50%	–
EVOP	Exit	EVO PMTS INC	$0	–	-66,519	–	-0.51%	–
DOMO	Exit	DOMO INC	$0	–	-51,242	–	-0.52%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-79,427	–	-0.59%	–
MC	Exit	MOELIS & COcl a	$0	–	-29,730	–	-0.65%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-55,823	–	-0.92%	–
HUD	Exit	HUDSON LTD	$0	–	-142,581	–	-0.93%	–
ADSW	Exit	ADVANCED DISP SVCS INC DEL	$0	–	-111,609	–	-1.03%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-83,640	–	-1.04%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-116,056	–	-1.20%	–
AZUL	Exit	AZUL S Asponsr adr pfd	$0	–	-219,619	–	-1.34%	–
GTES	Exit	GATES INDUSTRIAL CORPRATIN P	$0	–	-308,518	–	-1.87%	–

Q2 2018

			Value		Shares		↓ Weighting
TRU	New	TRANSUNION	$16,111,000	–	224,882	–	6.01%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$13,944,000	–	237,026	–	5.20%	–
ETFC	New	E TRADE FINANCIAL CORP	$11,383,000	–	186,126	–	4.25%	–
BKI	New	BLACK KNIGHT INC	$11,377,000	–	212,451	–	4.25%	–
WEX	New	WEX INC	$11,293,000	–	59,285	–	4.21%	–
H	New	HYATT HOTELS CORP	$9,514,000	–	123,315	–	3.55%	–
MS	New	MORGAN STANLEY	$9,376,000	–	197,806	–	3.50%	–
MGP	New	MGM GROWTH PPTYS LLC	$8,048,000	–	264,230	–	3.00%	–
CFG	New	CITIZENS FINL GROUP INC	$8,021,000	–	206,191	–	2.99%	–
VOYA	New	VOYA FINL INC	$7,902,000	–	168,132	–	2.95%	–
SIVB	New	SVB FINL GROUP	$7,657,000	–	26,518	–	2.86%	–
FHB	New	FIRST HAWAIIAN INC	$7,339,000	–	252,892	–	2.74%	–
V	New	VISA INC	$7,008,000	–	52,914	–	2.62%	–
EQH	New	AXA EQUITABLE HLDGS INC	$6,887,000	–	334,139	–	2.57%	–
CME	New	CME GROUP INC	$6,729,000	–	41,052	–	2.51%	–
CMA	New	COMERICA INC	$6,468,000	–	71,135	–	2.41%	–
LNC	New	LINCOLN NATL CORP IND	$6,400,000	–	102,811	–	2.39%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$6,198,000	–	132,868	–	2.31%	–
CXW	New	CORECIVIC INC	$6,024,000	–	252,145	–	2.25%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$5,713,000	–	62,434	–	2.13%	–
BK	New	BANK NEW YORK MELLON CORP	$5,429,000	–	100,675	–	2.03%	–
ZION	New	ZIONS BANCORPORATION	$5,428,000	–	103,025	–	2.03%	–
GTES	New	GATES INDUSTRIAL CORPRATIN P	$5,020,000	–	308,518	–	1.87%	–
TSS	New	TOTAL SYS SVCS INC	$4,721,000	–	55,851	–	1.76%	–
BGCP	New	BGC PARTNERS INCcl a	$4,294,000	–	379,303	–	1.60%	–
AZUL	New	AZUL S Asponsr adr pfd	$3,593,000	–	219,619	–	1.34%	–
PENN	New	PENN NATL GAMING INC	$3,286,000	–	97,816	–	1.23%	–
USX	New	US XPRESS ENTERPRISES INC	$3,230,000	–	213,350	–	1.20%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$3,221,000	–	116,056	–	1.20%	–
BAC	New	BANK AMER CORP	$3,197,000	–	113,418	–	1.19%	–
TSG	New	STARS GROUP INC	$3,160,000	–	87,053	–	1.18%	–
BV	New	BRIGHTVIEW HLDGS INC	$3,017,000	–	137,458	–	1.13%	–
EPRT	New	ESSENTIAL PPTYS RLTY TR INC	$2,960,000	–	218,635	–	1.10%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$2,938,000	–	57,489	–	1.10%	–
VCTR	New	VICTORY CAP HLDGS INC	$2,834,000	–	267,834	–	1.06%	–
GDI	New	GARDNER DENVER HLDGS INC	$2,811,000	–	95,656	–	1.05%	–
SYF	New	SYNCHRONY FINL	$2,792,000	–	83,640	–	1.04%	–
ADSW	New	ADVANCED DISP SVCS INC DEL	$2,766,000	–	111,609	–	1.03%	–
GSKY	New	GREENSKY INCcl a	$2,589,000	–	122,416	–	0.97%	–
HUD	New	HUDSON LTD	$2,494,000	–	142,581	–	0.93%	–
LPT	New	LIBERTY PPTY TRsh ben int	$2,475,000	–	55,823	–	0.92%	–
WETF	New	WISDOMTREE INVTS INC	$2,352,000	–	259,042	–	0.88%	–
SABR	New	SABRE CORP	$2,328,000	–	94,493	–	0.87%	–
BLK	New	BLACKROCK INC	$2,297,000	–	4,603	–	0.86%	–
GHL	New	GREENHILL & CO INC	$1,948,000	–	68,605	–	0.73%	–
MC	New	MOELIS & COcl a	$1,744,000	–	29,730	–	0.65%	–
DEA	New	EASTERLY GOVT PPTYS INC	$1,569,000	–	79,427	–	0.59%	–
DOMO	New	DOMO INC	$1,399,000	–	51,242	–	0.52%	–
EVOP	New	EVO PMTS INC	$1,369,000	–	66,519	–	0.51%	–
GRBK	New	GREEN BRICK PARTNERS INC	$1,353,000	–	138,016	–	0.50%	–
BJ	New	BJS WHSL CLUB HLDGS INC	$1,296,000	–	54,783	–	0.48%	–
ROAD	New	CONSTRUCTION PARTNERS INC	$1,291,000	–	97,993	–	0.48%	–
GFF	New	GRIFFON CORP	$1,228,000	–	68,987	–	0.46%	–
BYD	New	BOYD GAMING CORP	$1,202,000	–	34,677	–	0.45%	–
FBC	New	FLAGSTAR BANCORP INC	$938,000	–	27,380	–	0.35%	–

Q4 2017

			Value		Shares		↓ Weighting
RYB	Exit	RYB ED INCadr	$0	–	-22,500	–	-0.32%	–
RNGR	Exit	RANGER ENERGY SVCS INC	$0	–	-50,000	–	-0.37%	–
DXC	Exit	DXC TECHNOLOGY CO	$0	–	-9,776	–	-0.42%	–
FBM	Exit	FOUNDATION BLDG MATLS INC	$0	–	-60,000	–	-0.42%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-21,300	–	-0.43%	–
BEST	Exit	BEST INCsponsored ads	$0	–	-75,000	–	-0.45%	–
SHLOQ	Exit	SHILOH INDS INC	$0	–	-91,962	–	-0.48%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-45,714	–	-0.49%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-19,858	–	-0.49%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-59,342	–	-0.49%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-20,498	–	-0.50%	–
APPN	Exit	APPIAN CORPcl a	$0	–	-36,350	–	-0.52%	–
SNDR	Exit	SCHNEIDER NATIONAL INCcl b	$0	–	-42,000	–	-0.53%	–
VNTR	Exit	VENATOR MATLS PLC	$0	–	-50,000	–	-0.57%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-120,708	–	-0.62%	–
BY	Exit	BYLINE BANCORP INC	$0	–	-69,217	–	-0.74%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-14,900	–	-0.75%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-98,937	–	-0.75%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-64,977	–	-0.76%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-51,806	–	-0.81%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-37,546	–	-0.82%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-136,946	–	-0.86%	–
CLDR	Exit	CLOUDERA INC	$0	–	-105,000	–	-0.87%	–
NOMD	Exit	NOMAD FOODS LTD	$0	–	-120,000	–	-0.88%	–
AYX	Exit	ALTERYX INC	$0	–	-86,600	–	-0.88%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-34,990	–	-0.90%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-75,000	–	-0.93%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-68,000	–	-0.93%	–
GDI	Exit	GARDNER DENVER HLDGS INC	$0	–	-75,453	–	-1.04%	–
BAC	Exit	BANK AMER CORP	$0	–	-103,098	–	-1.31%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-73,164	–	-1.34%	–
AZUL	Exit	AZUL S Asponsr adr pfd	$0	–	-100,426	–	-1.38%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-131,295	–	-1.41%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-74,581	–	-1.44%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-32,535	–	-1.52%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-47,500	–	-1.61%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-47,955	–	-1.65%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-109,000	–	-1.65%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-53,661	–	-1.76%	–
BLK	Exit	BLACKROCK INC	$0	–	-8,139	–	-1.82%	–
SF	Exit	STIFEL FINL CORP	$0	–	-69,085	–	-1.85%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-79,330	–	-1.88%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-75,000	–	-1.94%	–
HWC	Exit	HANCOCK HLDG CO	$0	–	-82,900	–	-2.01%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-48,075	–	-2.07%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-22,151	–	-2.08%	–
CMA	Exit	COMERICA INC	$0	–	-54,774	–	-2.09%	–
WEX	Exit	WEX INC	$0	–	-38,300	–	-2.15%	–
CME	Exit	CME GROUP INC	$0	–	-33,178	–	-2.26%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-250,000	–	-2.26%	–
CXW	Exit	CORECIVIC INC	$0	–	-168,735	–	-2.26%	–
V	Exit	VISA INC	$0	–	-44,800	–	-2.36%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-90,112	–	-2.39%	–
VOYA	Exit	VOYA FINL INC	$0	–	-127,653	–	-2.55%	–
MS	Exit	MORGAN STANLEY	$0	–	-106,446	–	-2.57%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-170,455	–	-2.58%	–
CTLT	Exit	CATALENT INC	$0	–	-137,500	–	-2.75%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-147,183	–	-2.79%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-124,016	–	-2.95%	–
H	Exit	HYATT HOTELS CORP	$0	–	-96,053	–	-2.97%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-413,236	–	-3.00%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-208,287	–	-3.15%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-151,200	–	-3.30%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-26,250	–	-3.53%	–
TRU	Exit	TRANSUNION	$0	–	-182,768	–	-4.33%	–

Q3 2017

			Value		Shares		↓ Weighting
TRU	Sell	TRANSUNION	$8,638,000	+1.3%	182,768	-7.1%	4.33%	-11.8%
CSGP	New	COSTAR GROUP INC	$7,042,000	–	26,250	–	3.53%	–
ETFC	Sell	E TRADE FINANCIAL CORP	$6,594,000	+12.2%	151,200	-2.2%	3.30%	-2.4%
MGP	Buy	MGM GROWTH PPTYS LLC	$6,292,000	+57.9%	208,287	+52.5%	3.15%	+37.3%
BGCP	Buy	BGC PARTNERS INCcl a	$5,980,000	+15.9%	413,236	+1.3%	3.00%	+0.9%
H	Buy	HYATT HOTELS CORP	$5,935,000	+44.4%	96,053	+31.4%	2.97%	+25.7%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$5,886,000	+4.6%	124,016	-1.2%	2.95%	-9.0%
CFG	Buy	CITIZENS FINL GROUP INC	$5,574,000	+17.1%	147,183	+10.3%	2.79%	+1.9%
CTLT	New	CATALENT INC	$5,489,000	–	137,500	–	2.75%	–
GPT	Buy	GRAMERCY PPTY TR	$5,156,000	+3.0%	170,455	+1.2%	2.58%	-10.4%
MS	Sell	MORGAN STANLEY	$5,128,000	+5.9%	106,446	-2.0%	2.57%	-7.9%
VOYA	Buy	VOYA FINL INC	$5,092,000	+9.4%	127,653	+1.2%	2.55%	-4.8%
BK	Sell	BANK NEW YORK MELLON CORP	$4,778,000	-3.0%	90,112	-6.7%	2.39%	-15.6%
V	Buy	VISA INC	$4,715,000	+19.7%	44,800	+6.7%	2.36%	+4.1%
CXW	Buy	CORECIVIC INC	$4,517,000	+4.4%	168,735	+7.6%	2.26%	-9.1%
FDC	New	FIRST DATA CORP NEW	$4,510,000	–	250,000	–	2.26%	–
CME	Buy	CME GROUP INC	$4,502,000	+9.4%	33,178	+1.0%	2.26%	-4.8%
WEX	New	WEX INC	$4,298,000	–	38,300	–	2.15%	–
CMA	Buy	COMERICA INC	$4,177,000	+5.5%	54,774	+1.3%	2.09%	-8.2%
SIVB	Sell	SVB FINL GROUP	$4,144,000	+5.4%	22,151	-1.0%	2.08%	-8.3%
TCBI	Buy	TEXAS CAPITAL BANCSHARES INC	$4,125,000	+12.3%	48,075	+1.3%	2.07%	-2.3%
HWC	Buy	HANCOCK HLDG CO	$4,017,000	+98.5%	82,900	+100.7%	2.01%	+72.8%
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$3,866,000	–	75,000	–	1.94%	–
ZION	Buy	ZIONS BANCORPORATION	$3,743,000	+8.8%	79,330	+1.3%	1.88%	-5.4%
SF	Buy	STIFEL FINL CORP	$3,693,000	+33.0%	69,085	+14.4%	1.85%	+15.8%
BLK	Sell	BLACKROCK INC	$3,639,000	-25.0%	8,139	-29.2%	1.82%	-34.8%
TSS	Sell	TOTAL SYS SVCS INC	$3,515,000	-4.9%	53,661	-15.4%	1.76%	-17.2%
FHB	Sell	FIRST HAWAIIAN INC	$3,302,000	-38.3%	109,000	-37.7%	1.65%	-46.4%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$3,295,000	-0.6%	47,955	-4.6%	1.65%	-13.5%
XPO	New	XPO LOGISTICS INC	$3,220,000	–	47,500	–	1.61%	–
FIS	Buy	FIDELITY NATL INFORMATION SV	$3,038,000	+10.7%	32,535	+1.3%	1.52%	-3.7%
HGV	Sell	HILTON GRAND VACATIONS INC	$2,881,000	-39.7%	74,581	-43.7%	1.44%	-47.5%
ARD	Sell	ARDAGH GROUP S Acl a	$2,811,000	-5.3%	131,295	-0.0%	1.41%	-17.7%
AZUL	New	AZUL S Asponsr adr pfd	$2,757,000	–	100,426	–	1.38%	–
NTB	Buy	BANK OF NT BUTTERFIELD&SON L	$2,681,000	+8.8%	73,164	+1.3%	1.34%	-5.4%
BAC	Buy	BANK AMER CORP	$2,613,000	+62.5%	103,098	+55.5%	1.31%	+41.4%
GDI	Sell	GARDNER DENVER HLDGS INC	$2,076,000	-12.7%	75,453	-31.4%	1.04%	-24.0%
ATUS	Sell	ALTICE USA INCcl a	$1,857,000	-32.4%	68,000	-20.0%	0.93%	-41.2%
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$1,852,000	–	75,000	–	0.93%	–
BECN	New	BEACON ROOFING SUPPLY INC	$1,793,000	–	34,990	–	0.90%	–
AYX	New	ALTERYX INC	$1,764,000	–	86,600	–	0.88%	–
NOMD	New	NOMAD FOODS LTD	$1,748,000	–	120,000	–	0.88%	–
CLDR	New	CLOUDERA INC	$1,745,000	–	105,000	–	0.87%	–
MTG	Buy	MGIC INVT CORP WIS	$1,716,000	+13.2%	136,946	+1.2%	0.86%	-1.5%
SCHW	Sell	SCHWAB CHARLES CORP NEW	$1,642,000	-5.4%	37,546	-7.1%	0.82%	-17.7%
SYF	Buy	SYNCHRONY FINL	$1,609,000	+5.4%	51,806	+1.2%	0.81%	-8.3%
PENN	Buy	PENN NATL GAMING INC	$1,520,000	+10.5%	64,977	+1.0%	0.76%	-3.8%
WOW	Sell	WIDEOPENWEST INC	$1,492,000	-57.1%	98,937	-50.5%	0.75%	-62.7%
CCI	New	CROWN CASTLE INTL CORP NEW	$1,490,000	–	14,900	–	0.75%	–
BY	Sell	BYLINE BANCORP INC	$1,472,000	-5.9%	69,217	-11.3%	0.74%	-18.1%
WETF	Buy	WISDOMTREE INVTS INC	$1,229,000	+1.2%	120,708	+1.1%	0.62%	-11.9%
VNTR	New	VENATOR MATLS PLC	$1,130,000	–	50,000	–	0.57%	–
SNDR	New	SCHNEIDER NATIONAL INCcl b	$1,063,000	–	42,000	–	0.53%	–
APPN	Buy	APPIAN CORPcl a	$1,035,000	+128.0%	36,350	+45.4%	0.52%	+98.9%
AMTD	Buy	TD AMERITRADE HLDG CORP	$1,000,000	+14.0%	20,498	+0.5%	0.50%	-0.8%
GHL	Buy	GREENHILL & CO INC	$985,000	-16.4%	59,342	+1.3%	0.49%	-27.1%
VR	Buy	VALIDUS HOLDINGS LTD	$977,000	-4.4%	19,858	+1.0%	0.49%	-16.8%
PNK	Buy	PINNACLE ENTMT INC NEW	$974,000	+9.2%	45,714	+1.3%	0.49%	-5.1%
SHLOQ	New	SHILOH INDS INC	$956,000	–	91,962	–	0.48%	–
BEST	New	BEST INCsponsored ads	$898,000	–	75,000	–	0.45%	–
ESNT	New	ESSENT GROUP LTD	$863,000	–	21,300	–	0.43%	–
FBM	Sell	FOUNDATION BLDG MATLS INC	$848,000	-24.8%	60,000	-31.5%	0.42%	-34.5%
DXC	Buy	DXC TECHNOLOGY CO	$840,000	+12.9%	9,776	+0.8%	0.42%	-1.6%
RNGR	New	RANGER ENERGY SVCS INC	$735,000	–	50,000	–	0.37%	–
RYB	New	RYB ED INCadr	$641,000	–	22,500	–	0.32%	–
AKBA	Exit	AKEBIA THERAPEUTICS INC	$0	–	-24,800	–	-0.20%	–
SOI	Exit	SOLARIS OILFIELD INFRSTR INC	$0	–	-35,664	–	-0.24%	–
EVH	Exit	EVOLENT HEALTH INCcl a	$0	–	-25,000	–	-0.36%	–
TNTRQ	Exit	TINTRI INC	$0	–	-100,000	–	-0.42%	–
JILL	Exit	J JILL INC	$0	–	-60,000	–	-0.42%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-12,300	–	-0.44%	–
MCRN	Exit	MILACRON HLDGS CORP	$0	–	-43,596	–	-0.44%	–
PSDO	Exit	PRESIDIO INC	$0	–	-55,075	–	-0.45%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-24,000	–	-0.54%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-31,280	–	-0.55%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-30,000	–	-0.56%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-24,006	–	-0.69%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-80,000	–	-0.89%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-79,978	–	-0.91%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-106,409	–	-0.91%	–
GMS	Exit	GMS INC	$0	–	-62,500	–	-1.01%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-50,000	–	-1.02%	–
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-75,000	–	-1.33%	–
JELD	Exit	JELD-WEN HLDG INC	$0	–	-80,000	–	-1.50%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-47,377	–	-1.51%	–
ADSW	Exit	ADVANCED DISP SVCS INC DEL	$0	–	-150,000	–	-1.96%	–

Q2 2017

			Value		Shares		↓ Weighting
TRU	New	TRANSUNION	$8,523,000	–	196,782	–	4.91%	–
ETFC	New	E TRADE FINANCIAL CORP	$5,877,000	–	154,527	–	3.38%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$5,629,000	–	125,559	–	3.24%	–
FHB	New	FIRST HAWAIIAN INC	$5,354,000	–	174,846	–	3.08%	–
BGCP	New	BGC PARTNERS INCcl a	$5,158,000	–	408,047	–	2.97%	–
GPT	New	GRAMERCY PPTY TR	$5,007,000	–	168,515	–	2.88%	–
BK	New	BANK NEW YORK MELLON CORP	$4,928,000	–	96,584	–	2.84%	–
BLK	New	BLACKROCK INC	$4,853,000	–	11,490	–	2.79%	–
MS	New	MORGAN STANLEY	$4,842,000	–	108,672	–	2.79%	–
HGV	New	HILTON GRAND VACATIONS INC	$4,775,000	–	132,428	–	2.75%	–
CFG	New	CITIZENS FINL GROUP INC	$4,759,000	–	133,387	–	2.74%	–
VOYA	New	VOYA FINL INC	$4,654,000	–	126,169	–	2.68%	–
CXW	New	CORECIVIC INC	$4,325,000	–	156,800	–	2.49%	–
CME	New	CME GROUP INC	$4,115,000	–	32,853	–	2.37%	–
H	New	HYATT HOTELS CORP	$4,109,000	–	73,100	–	2.37%	–
MGP	New	MGM GROWTH PPTYS LLC	$3,986,000	–	136,561	–	2.30%	–
CMA	New	COMERICA INC	$3,961,000	–	54,087	–	2.28%	–
V	New	VISA INC	$3,939,000	–	42,000	–	2.27%	–
SIVB	New	SVB FINL GROUP	$3,932,000	–	22,367	–	2.26%	–
TSS	New	TOTAL SYS SVCS INC	$3,695,000	–	63,437	–	2.13%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$3,674,000	–	47,471	–	2.12%	–
WOW	New	WIDEOPENWEST INC	$3,480,000	–	200,000	–	2.00%	–
ZION	New	ZIONS BANCORPORATION	$3,440,000	–	78,334	–	1.98%	–
ADSW	New	ADVANCED DISP SVCS INC DEL	$3,410,000	–	150,000	–	1.96%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$3,314,000	–	50,267	–	1.91%	–
ARD	New	ARDAGH GROUP S Acl a	$2,969,000	–	131,320	–	1.71%	–
SF	New	STIFEL FINL CORP	$2,776,000	–	60,384	–	1.60%	–
ATUS	New	ALTICE USA INCcl a	$2,746,000	–	85,000	–	1.58%	–
FIS	New	FIDELITY NATL INFORMATION SV	$2,744,000	–	32,127	–	1.58%	–
WFC	New	WELLS FARGO CO NEW	$2,625,000	–	47,377	–	1.51%	–
JELD	New	JELD-WEN HLDG INC	$2,597,000	–	80,000	–	1.50%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$2,464,000	–	72,246	–	1.42%	–
GDI	New	GARDNER DENVER HLDGS INC	$2,377,000	–	110,000	–	1.37%	–
CWH	New	CAMPING WORLD HLDGS INCcl a	$2,314,000	–	75,000	–	1.33%	–
HWC	New	HANCOCK HLDG CO	$2,024,000	–	41,300	–	1.16%	–
CAA	New	CALATLANTIC GROUP INC	$1,768,000	–	50,000	–	1.02%	–
GMS	New	GMS INC	$1,756,000	–	62,500	–	1.01%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$1,736,000	–	40,406	–	1.00%	–
BAC	New	BANK AMER CORP	$1,608,000	–	66,300	–	0.93%	–
KRNY	New	KEARNY FINL CORP MD	$1,580,000	–	106,409	–	0.91%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$1,580,000	–	79,978	–	0.91%	–
BY	New	BYLINE BANCORP INC	$1,564,000	–	78,000	–	0.90%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$1,549,000	–	80,000	–	0.89%	–
SYF	New	SYNCHRONY FINL	$1,526,000	–	51,183	–	0.88%	–
MTG	New	MGIC INVT CORP WIS	$1,516,000	–	135,323	–	0.87%	–
PENN	New	PENN NATL GAMING INC	$1,376,000	–	64,321	–	0.79%	–
WETF	New	WISDOMTREE INVTS INC	$1,214,000	–	119,400	–	0.70%	–
ATH	New	ATHENE HLDG LTDcl a	$1,191,000	–	24,006	–	0.69%	–
GHL	New	GREENHILL & CO INC	$1,178,000	–	58,597	–	0.68%	–
FBM	New	FOUNDATION BLDG MATLS INC	$1,127,000	–	87,629	–	0.65%	–
VR	New	VALIDUS HOLDINGS LTD	$1,022,000	–	19,665	–	0.59%	–
RSPP	New	RSP PERMIAN INC	$968,000	–	30,000	–	0.56%	–
HDS	New	HD SUPPLY HLDGS INC	$958,000	–	31,280	–	0.55%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$932,000	–	24,000	–	0.54%	–
PNK	New	PINNACLE ENTMT INC NEW	$892,000	–	45,140	–	0.51%	–
AMTD	New	TD AMERITRADE HLDG CORP	$877,000	–	20,400	–	0.50%	–
PSDO	New	PRESIDIO INC	$788,000	–	55,075	–	0.45%	–
MCRN	New	MILACRON HLDGS CORP	$767,000	–	43,596	–	0.44%	–
DFS	New	DISCOVER FINL SVCS	$765,000	–	12,300	–	0.44%	–
DXC	New	DXC TECHNOLOGY CO	$744,000	–	9,700	–	0.43%	–
JILL	New	J JILL INC	$737,000	–	60,000	–	0.42%	–
TNTRQ	New	TINTRI INC	$727,000	–	100,000	–	0.42%	–
EVH	New	EVOLENT HEALTH INCcl a	$634,000	–	25,000	–	0.36%	–
APPN	New	APPIAN CORPcl a	$454,000	–	25,000	–	0.26%	–
SOI	New	SOLARIS OILFIELD INFRSTR INC	$411,000	–	35,664	–	0.24%	–
AKBA	New	AKEBIA THERAPEUTICS INC	$356,000	–	24,800	–	0.20%	–

Q4 2016

			Value		Shares		↓ Weighting
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-58,057	–	-0.26%	–
EVBG	Exit	EVERBRIDGE INC	$0	–	-35,000	–	-0.26%	–
ATKR	Exit	ATKORE INTL GROUP INC	$0	–	-49,700	–	-0.42%	–
CXW	Exit	CORRECTIONS CORP AMER NEW	$0	–	-72,700	–	-0.45%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,000	–	-0.52%	–
CALD	Exit	CALLIDUS SOFTWARE INC	$0	–	-65,000	–	-0.54%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-49,700	–	-0.55%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-155,338	–	-0.56%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-75,190	–	-0.60%	–
NNN	Exit	NATIONAL RETAIL PPTYS INC	$0	–	-29,900	–	-0.68%	–
BUFF	Exit	BLUE BUFFALO PET PRODS INC	$0	–	-70,000	–	-0.75%	–
G	Exit	GENPACT LIMITED	$0	–	-70,000	–	-0.75%	–
STT	Exit	STATE STR CORP	$0	–	-25,213	–	-0.79%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-16,700	–	-0.83%	–
RICE	Exit	RICE ENERGY INC	$0	–	-75,000	–	-0.88%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-172,800	–	-0.97%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-184,300	–	-1.02%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-167,500	–	-1.04%	–
EVR	Exit	EVERCORE PARTNERS INCclass a	$0	–	-46,000	–	-1.06%	–
VGR	Exit	VECTOR GROUP LTD	$0	–	-110,040	–	-1.06%	–
ARMK	Exit	ARAMARK	$0	–	-62,500	–	-1.07%	–
IVZ	Exit	INVESCO LTD	$0	–	-77,300	–	-1.08%	–
OLLI	Exit	OLLIES BARGAIN OUTLT HLDGS I	$0	–	-95,000	–	-1.12%	–
ELLI	Exit	ELLIE MAE INC	$0	–	-23,750	–	-1.12%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-58,400	–	-1.12%	–
TSE	Exit	TRINSEO S A	$0	–	-45,000	–	-1.14%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-90,300	–	-1.26%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-200,000	–	-1.33%	–
PTHN	Exit	PATHEON N V	$0	–	-100,000	–	-1.33%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-220,476	–	-1.35%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-20,750	–	-1.35%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-352,457	–	-1.38%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-98,150	–	-1.39%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-60,506	–	-1.49%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-28,750	–	-1.53%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-122,900	–	-1.54%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-74,200	–	-1.57%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-118,000	–	-1.60%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-134,424	–	-1.62%	–
LM	Exit	LEGG MASON INC	$0	–	-109,041	–	-1.64%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-131,200	–	-1.65%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-132,500	–	-1.65%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-52,100	–	-1.68%	–
CMA	Exit	COMERICA INC	$0	–	-79,100	–	-1.68%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-65,700	–	-1.75%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-24,700	–	-1.79%	–
C	Exit	CITIGROUP INC	$0	–	-86,100	–	-1.83%	–
VOYA	Exit	VOYA FINL INC	$0	–	-144,000	–	-1.86%	–
MS	Exit	MORGAN STANLEY	$0	–	-129,543	–	-1.86%	–
V	Exit	VISA INC	$0	–	-50,836	–	-1.89%	–
VWR	Exit	VWR CORP	$0	–	-148,500	–	-1.89%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-16,850	–	-2.04%	–
CONE	Exit	CYRUSONE INC	$0	–	-95,800	–	-2.05%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-479,500	–	-2.08%	–
MCO	Exit	MOODYS CORP	$0	–	-44,000	–	-2.14%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-214,300	–	-2.38%	–
CTLT	Exit	CATALENT INC	$0	–	-230,000	–	-2.67%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-119,579	–	-2.68%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-180,500	–	-2.99%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-286,700	–	-3.36%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-273,100	–	-3.57%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-201,000	–	-3.60%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-108,000	–	-3.74%	–
TRU	Exit	TRANSUNION	$0	–	-397,392	–	-6.16%	–

Q3 2016

			Value		Shares		↓ Weighting
TRU	Buy	TRANSUNION	$13,710,000	+17.1%	397,392	+13.5%	6.16%	+9.1%
FIS	Sell	FIDELITY NATL INFORMATION SV	$8,319,000	-11.5%	108,000	-15.4%	3.74%	-17.6%
BK	Buy	BANK NEW YORK MELLON CORP	$8,016,000	+57.9%	201,000	+53.8%	3.60%	+47.0%
ETFC	Buy	E TRADE FINANCIAL CORP	$7,953,000	+27.8%	273,100	+3.1%	3.57%	+19.0%
MGP	Buy	MGM GROWTH PPTYS LLC	$7,474,000	+12.1%	286,700	+14.7%	3.36%	+4.3%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$6,662,000	+8.2%	180,500	+9.9%	2.99%	+0.7%
VR	Sell	VALIDUS HOLDINGS LTD	$5,957,000	-3.2%	119,579	-5.6%	2.68%	-9.9%
CTLT	New	CATALENT INC	$5,943,000	–	230,000	–	2.67%	–
CFG	Sell	CITIZENS FINL GROUP INC	$5,295,000	-9.8%	214,300	-27.1%	2.38%	-16.0%
MCO	Buy	MOODYS CORP	$4,764,000	+27.1%	44,000	+10.0%	2.14%	+18.3%
GPT	Buy	GRAMERCY PPTY TR	$4,622,000	+12.9%	479,500	+8.0%	2.08%	+5.1%
CONE	New	CYRUSONE INC	$4,557,000	–	95,800	–	2.05%	–
ICE	Buy	INTERCONTINENTAL EXCHANGE IN	$4,539,000	+64.2%	16,850	+56.0%	2.04%	+52.9%
VWR	Sell	VWR CORP	$4,211,000	-27.1%	148,500	-25.8%	1.89%	-32.1%
V	New	VISA INC	$4,204,000	–	50,836	–	1.89%	–
MS	Buy	MORGAN STANLEY	$4,153,000	+61.5%	129,543	+30.9%	1.86%	+50.4%
VOYA	New	VOYA FINL INC	$4,150,000	–	144,000	–	1.86%	–
C	New	CITIGROUP INC	$4,067,000	–	86,100	–	1.83%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$3,983,000	-19.5%	24,700	-25.8%	1.79%	-25.1%
AIG	Sell	AMERICAN INTL GROUP INC	$3,899,000	-30.4%	65,700	-38.0%	1.75%	-35.2%
CMA	Sell	COMERICA INC	$3,743,000	+7.4%	79,100	-6.6%	1.68%	+0.1%
COF	Sell	CAPITAL ONE FINL CORP	$3,742,000	-20.7%	52,100	-29.9%	1.68%	-26.2%
BRX	Sell	BRIXMOR PPTY GROUP INC	$3,682,000	-7.2%	132,500	-11.7%	1.65%	-13.6%
SYF	Buy	SYNCHRONY FINL	$3,674,000	+48.7%	131,200	+34.2%	1.65%	+38.4%
LM	Buy	LEGG MASON INC	$3,651,000	+34.0%	109,041	+18.0%	1.64%	+24.7%
FHB	New	FIRST HAWAIIAN INC	$3,611,000	–	134,424	–	1.62%	–
COMM	New	COMMSCOPE HLDG CO INC	$3,553,000	–	118,000	–	1.60%	–
TSS	Sell	TOTAL SYS SVCS INC	$3,499,000	-26.1%	74,200	-16.8%	1.57%	-31.2%
CBRE	Sell	CBRE GROUP INCcl a	$3,439,000	-7.3%	122,900	-12.3%	1.54%	-13.7%
SBNY	Sell	SIGNATURE BK NEW YORK N Y	$3,405,000	-29.2%	28,750	-25.3%	1.53%	-34.1%
TCBI	Sell	TEXAS CAPITAL BANCSHARES INC	$3,323,000	+8.5%	60,506	-7.6%	1.49%	+1.0%
SCHW	New	SCHWAB CHARLES CORP NEW	$3,099,000	–	98,150	–	1.39%	–
BGCP	Sell	BGC PARTNERS INCcl a	$3,084,000	-17.5%	352,457	-17.9%	1.38%	-23.2%
KRNY	New	KEARNY FINL CORP MD	$3,001,000	–	220,476	–	1.35%	–
AMG	Buy	AFFILIATED MANAGERS GROUP	$3,003,000	+21.9%	20,750	+18.6%	1.35%	+13.5%
PTHN	New	PATHEON N V	$2,963,000	–	100,000	–	1.33%	–
MPW	New	MEDICAL PPTYS TRUST INC	$2,954,000	–	200,000	–	1.33%	–
ZION	Sell	ZIONS BANCORPORATION	$2,801,000	-31.7%	90,300	-44.6%	1.26%	-36.4%
TSE	New	TRINSEO S A	$2,545,000	–	45,000	–	1.14%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$2,501,000	–	58,400	–	1.12%	–
ELLI	New	ELLIE MAE INC	$2,501,000	–	23,750	–	1.12%	–
OLLI	Buy	OLLIES BARGAIN OUTLT HLDGS I	$2,490,000	+81.9%	95,000	+72.7%	1.12%	+69.4%
IVZ	New	INVESCO LTD	$2,417,000	–	77,300	–	1.08%	–
ARMK	Sell	ARAMARK	$2,377,000	-40.8%	62,500	-48.0%	1.07%	-44.9%
VGR	Sell	VECTOR GROUP LTD	$2,369,000	-44.0%	110,040	-41.7%	1.06%	-47.9%
EVR	New	EVERCORE PARTNERS INCclass a	$2,369,000	–	46,000	–	1.06%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$2,313,000	–	167,500	–	1.04%	–
RICE	New	RICE ENERGY INC	$1,958,000	–	75,000	–	0.88%	–
SIVB	New	SVB FINL GROUP	$1,846,000	–	16,700	–	0.83%	–
STT	New	STATE STR CORP	$1,756,000	–	25,213	–	0.79%	–
G	New	GENPACT LIMITED	$1,677,000	–	70,000	–	0.75%	–
BUFF	Sell	BLUE BUFFALO PET PRODS INC	$1,663,000	-5.0%	70,000	-6.7%	0.75%	-11.5%
NNN	Sell	NATIONAL RETAIL PPTYS INC	$1,520,000	-57.0%	29,900	-56.2%	0.68%	-59.9%
BMCH	New	BMC STK HLDGS INC	$1,333,000	–	75,190	–	0.60%	–
MTG	Sell	MGIC INVT CORP WIS	$1,243,000	-8.8%	155,338	-32.2%	0.56%	-15.1%
NTB	New	BANK OF NT BUTTERFIELD&SON L	$1,231,000	–	49,700	–	0.55%	–
CALD	New	CALLIDUS SOFTWARE INC	$1,193,000	–	65,000	–	0.54%	–
WFC	Sell	WELLS FARGO & CO NEW	$1,151,000	-78.2%	26,000	-76.7%	0.52%	-79.7%
CXW	New	CORRECTIONS CORP AMER NEW	$1,008,000	–	72,700	–	0.45%	–
ATKR	Sell	ATKORE INTL GROUP INC	$931,000	+16.4%	49,700	-0.6%	0.42%	+8.3%
EVBG	New	EVERBRIDGE INC	$590,000	–	35,000	–	0.26%	–
SCWX	Exit	SECUREWORKS CORPcl a	$0	–	-61,769	–	-0.42%	–
GMS	Exit	GMS INC	$0	–	-52,535	–	-0.56%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-100,000	–	-0.61%	–
QEP	Exit	QEP RES INC	$0	–	-72,200	–	-0.61%	–
CBOE	Exit	CBOE HLDGS INC	$0	–	-21,900	–	-0.70%	–
STOR	Exit	STORE CAP CORP	$0	–	-55,000	–	-0.78%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-84,555	–	-0.83%	–
VNTV	Exit	VANTIV INCcl a	$0	–	-36,500	–	-1.00%	–
NSA	Exit	NATIONAL STORAGE AFFILIATES	$0	–	-100,000	–	-1.00%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-50,000	–	-1.10%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-50,000	–	-1.25%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-95,600	–	-1.28%	–
SABR	Exit	SABRE CORP	$0	–	-100,000	–	-1.29%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-105,500	–	-1.35%	–
USFD	Exit	US FOODS HLDG CORP	$0	–	-150,000	–	-1.75%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-299,097	–	-1.84%	–
CME	Exit	CME GROUP INC	$0	–	-41,412	–	-1.94%	–
IYR	Exit	ISHARES TRu.s. real es etf	$0	–	-68,200	–	-2.71%	–
PFGC	Exit	PERFORMANCE FOOD GROUP CO	$0	–	-225,000	–	-2.92%	–

Q2 2016

			Value		Shares		↓ Weighting
TRU	New	TRANSUNION	$11,704,000	–	350,000	–	5.64%	–
FIS	New	FIDELITY NATL INFORMATION SV	$9,402,000	–	127,600	–	4.53%	–
MGP	New	MGM GROWTH PPTYS LLC	$6,670,000	–	250,000	–	3.22%	–
ETFC	New	E TRADE FINANCIAL CORP	$6,225,000	–	265,015	–	3.00%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$6,158,000	–	164,200	–	2.97%	–
VR	New	VALIDUS HOLDINGS LTD	$6,155,000	–	126,679	–	2.97%	–
PFGC	New	PERFORMANCE FOOD GROUP CO	$6,055,000	–	225,000	–	2.92%	–
CFG	New	CITIZENS FINL GROUP INC	$5,870,000	–	293,787	–	2.83%	–
VWR	New	VWR CORP	$5,780,000	–	200,000	–	2.79%	–
IYR	New	ISHARES TRu.s. real es etf	$5,613,000	–	68,200	–	2.71%	–
AIG	New	AMERICAN INTL GROUP INC	$5,601,000	–	105,900	–	2.70%	–
WFC	New	WELLS FARGO & CO NEW	$5,273,000	–	111,400	–	2.54%	–
BK	New	BANK NEW YORK MELLON CORP	$5,078,000	–	130,700	–	2.45%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,948,000	–	33,300	–	2.39%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$4,809,000	–	38,500	–	2.32%	–
TSS	New	TOTAL SYS SVCS INC	$4,737,000	–	89,200	–	2.28%	–
COF	New	CAPITAL ONE FINL CORP	$4,719,000	–	74,300	–	2.28%	–
VGR	New	VECTOR GROUP LTD	$4,233,000	–	188,820	–	2.04%	–
ZION	New	ZIONS BANCORPORATION	$4,099,000	–	163,100	–	1.98%	–
GPT	New	GRAMERCY PPTY TR	$4,094,000	–	444,000	–	1.97%	–
CME	New	CME GROUP INC	$4,034,000	–	41,412	–	1.94%	–
ARMK	New	ARAMARK	$4,014,000	–	120,100	–	1.94%	–
BRX	New	BRIXMOR PPTY GROUP INC	$3,969,000	–	150,000	–	1.91%	–
BNCL	New	BENEFICIAL BANCORP INC	$3,805,000	–	299,097	–	1.84%	–
MCO	New	MOODYS CORP	$3,749,000	–	40,007	–	1.81%	–
BGCP	New	BGC PARTNERS INCcl a	$3,739,000	–	429,257	–	1.80%	–
CBRE	New	CBRE GROUP INCcl a	$3,710,000	–	140,100	–	1.79%	–
USFD	New	US FOODS HLDG CORP	$3,636,000	–	150,000	–	1.75%	–
NNN	New	NATIONAL RETAIL PPTYS INC	$3,532,000	–	68,300	–	1.70%	–
CMA	New	COMERICA INC	$3,484,000	–	84,700	–	1.68%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$3,063,000	–	65,506	–	1.48%	–
AXTA	New	AXALTA COATING SYS LTD	$2,799,000	–	105,500	–	1.35%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$2,764,000	–	10,800	–	1.33%	–
LM	New	LEGG MASON INC	$2,725,000	–	92,400	–	1.31%	–
SABR	New	SABRE CORP	$2,679,000	–	100,000	–	1.29%	–
ITB	New	ISHARES TRus home cons etf	$2,643,000	–	95,600	–	1.28%	–
NLSN	New	NIELSEN HLDGS PLC	$2,599,000	–	50,000	–	1.25%	–
MS	New	MORGAN STANLEY	$2,572,000	–	99,000	–	1.24%	–
SYF	New	SYNCHRONY FINL	$2,471,000	–	97,760	–	1.19%	–
AMG	New	AFFILIATED MANAGERS GROUP	$2,463,000	–	17,500	–	1.19%	–
BECN	New	BEACON ROOFING SUPPLY INC	$2,274,000	–	50,000	–	1.10%	–
NSA	New	NATIONAL STORAGE AFFILIATES	$2,082,000	–	100,000	–	1.00%	–
VNTV	New	VANTIV INCcl a	$2,066,000	–	36,500	–	1.00%	–
PNK	New	PINNACLE ENTMT INC NEW	$2,042,000	–	184,300	–	0.98%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$1,982,000	–	172,800	–	0.96%	–
BUFF	New	BLUE BUFFALO PET PRODS INC	$1,751,000	–	75,000	–	0.84%	–
SUM	New	SUMMIT MATLS INCcl a	$1,730,000	–	84,555	–	0.83%	–
STOR	New	STORE CAP CORP	$1,620,000	–	55,000	–	0.78%	–
CBOE	New	CBOE HLDGS INC	$1,459,000	–	21,900	–	0.70%	–
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$1,369,000	–	55,000	–	0.66%	–
MTG	New	MGIC INVT CORP WIS	$1,363,000	–	229,138	–	0.66%	–
QEP	New	QEP RES INC	$1,273,000	–	72,200	–	0.61%	–
SWN	New	SOUTHWESTERN ENERGY CO	$1,258,000	–	100,000	–	0.61%	–
GMS	New	GMS INC	$1,169,000	–	52,535	–	0.56%	–
SCWX	New	SECUREWORKS CORPcl a	$871,000	–	61,769	–	0.42%	–
ATKR	New	ATKORE INTL GROUP INC	$800,000	–	50,000	–	0.39%	–
JAX	New	J ALEXANDERS HLDGS INC	$577,000	–	58,057	–	0.28%	–

Q4 2015

			Value		Shares		↓ Weighting
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-58,162	–	-0.29%	–
PCTY	Exit	PAYLOCITY HLDG CORP	$0	–	-25,000	–	-0.38%	–
IMS	Exit	IMS HEALTH HLDGS INC	$0	–	-39,300	–	-0.58%	–
BURL	Exit	BURLINGTON STORES INC	$0	–	-30,600	–	-0.79%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-65,000	–	-0.82%	–
INCR	Exit	INC RESH HLDGS INCcl a	$0	–	-42,200	–	-0.86%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-145,300	–	-0.98%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-75,000	–	-1.09%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-87,040	–	-1.12%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-91,101	–	-1.17%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-22,500	–	-1.25%	–
SJM	Exit	SMUCKER J M CO	$0	–	-21,900	–	-1.27%	–
FCH	Exit	FELCOR LODGING TR INC	$0	–	-391,000	–	-1.40%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-42,300	–	-1.48%	–
BOBE	Exit	BOB EVANS FARMS INC	$0	–	-68,500	–	-1.51%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-41,600	–	-1.53%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-265,000	–	-1.58%	–
SUM	Exit	SUMMIT MATLS INCcl a	$0	–	-168,695	–	-1.61%	–
SRCL	Exit	STERICYCLE INC	$0	–	-23,700	–	-1.68%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-50,000	–	-1.78%	–
JAH	Exit	JARDEN CORP	$0	–	-90,000	–	-2.23%	–
IVZ	Exit	INVESCO LTD	$0	–	-156,600	–	-2.48%	–
CME	Exit	CME GROUP INC	$0	–	-53,200	–	-2.50%	–
TRU	Exit	TRANSUNION	$0	–	-210,000	–	-2.68%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-80,900	–	-2.80%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-500,000	–	-2.91%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-277,600	–	-3.36%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-271,600	–	-3.63%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-611,700	–	-4.07%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-154,200	–	-4.07%	–
SABR	Exit	SABRE CORP	$0	–	-300,000	–	-4.14%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-581,700	–	-4.96%	–
ARMK	Exit	ARAMARK	$0	–	-351,000	–	-5.28%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-279,500	–	-5.55%	–
BAC	Exit	BANK AMER CORP	$0	–	-721,200	–	-5.70%	–
GPT	Exit	GRAMERCY PPTY TR INC	$0	–	-636,400	–	-6.71%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-377,300	–	-6.79%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-502,477	–	-7.00%	–

Q3 2015

			Value		Shares		↓ Weighting
BXMT	Sell	BLACKSTONE MTG TR INC	$13,788,000	-33.7%	502,477	-32.8%	7.00%	-5.9%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$13,383,000	+4.5%	377,300	+9.0%	6.79%	+48.4%
BAC	Buy	BANK AMER CORP	$11,236,000	+11.8%	721,200	+22.2%	5.70%	+58.8%
BK	Buy	BANK NEW YORK MELLON CORP	$10,942,000	+6.2%	279,500	+13.8%	5.55%	+50.7%
ARMK	New	ARAMARK	$10,404,000	–	351,000	–	5.28%	–
PGRE	Buy	PARAMOUNT GROUP INC	$9,773,000	+58.2%	581,700	+61.6%	4.96%	+124.7%
SABR	Buy	SABRE CORP	$8,154,000	+19.1%	300,000	+4.3%	4.14%	+69.2%
DFS	New	DISCOVER FINL SVCS	$8,017,000	–	154,200	–	4.07%	–
NRZ	Sell	NEW RESIDENTIAL INVT CORP	$8,013,000	-48.6%	611,700	-40.2%	4.07%	-26.9%
ETFC	New	E TRADE FINANCIAL CORP	$7,151,000	–	271,600	–	3.63%	–
CFG	New	CITIZENS FINL GROUP INC	$6,624,000	–	277,600	–	3.36%	–
KRNY	Buy	KEARNY FINL CORP MD	$5,735,000	+73.8%	500,000	+69.1%	2.91%	+146.8%
NTRS	Sell	NORTHERN TR CORP	$5,514,000	-41.3%	80,900	-34.2%	2.80%	-16.7%
TRU	Sell	TRANSUNION	$5,275,000	-18.5%	210,000	-18.6%	2.68%	+15.7%
CME	Buy	CME GROUP INC	$4,934,000	+4.8%	53,200	+5.1%	2.50%	+48.8%
IVZ	Sell	INVESCO LTD	$4,891,000	-27.6%	156,600	-13.1%	2.48%	+2.8%
JAH	New	JARDEN CORP	$4,399,000	–	90,000	–	2.23%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$3,502,000	–	50,000	–	1.78%	–
SRCL	New	STERICYCLE INC	$3,302,000	–	23,700	–	1.68%	–
SUM	New	SUMMIT MATLS INCcl a	$3,166,000	–	168,695	–	1.61%	–
FNFV	Sell	FIDELITY NATIONAL FINANCIAL	$3,106,000	-40.0%	265,000	-21.3%	1.58%	-14.9%
COF	New	CAPITAL ONE FINL CORP	$3,017,000	–	41,600	–	1.53%	–
BOBE	Sell	BOB EVANS FARMS INC	$2,969,000	-43.0%	68,500	-32.8%	1.51%	-19.0%
TCO	Sell	TAUBMAN CTRS INC	$2,922,000	-42.4%	42,300	-42.1%	1.48%	-18.2%
FCH	Sell	FELCOR LODGING TR INC	$2,764,000	-31.3%	391,000	-4.0%	1.40%	-2.5%
SJM	New	SMUCKER J M CO	$2,499,000	–	21,900	–	1.27%	–
AMP	Sell	AMERIPRISE FINL INC	$2,455,000	-57.2%	22,500	-51.0%	1.25%	-39.2%
GWB	New	GREAT WESTN BANCORP INC	$2,311,000	–	91,101	–	1.17%	–
AXTA	New	AXALTA COATING SYS LTD	$2,206,000	–	87,040	–	1.12%	–
HDS	New	HD SUPPLY HLDGS INC	$2,147,000	–	75,000	–	1.09%	–
BNCL	New	BENEFICIAL BANCORP INC	$1,927,000	–	145,300	–	0.98%	–
INCR	New	INC RESH HLDGS INCcl a	$1,688,000	–	42,200	–	0.86%	–
QTWO	Buy	Q2 HLDGS INC	$1,607,000	-1.8%	65,000	+12.2%	0.82%	+39.3%
BURL	New	BURLINGTON STORES INC	$1,562,000	–	30,600	–	0.79%	–
IMS	Sell	IMS HEALTH HLDGS INC	$1,144,000	-75.1%	39,300	-73.8%	0.58%	-64.7%
PCTY	New	PAYLOCITY HLDG CORP	$750,000	–	25,000	–	0.38%	–
JAX	New	J ALEXANDERS HLDGS INC	$580,000	–	58,162	–	0.29%	–
CSG	Exit	CHAMBERS STR PPTYS	$0	–	-80,000	–	-0.23%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-55,000	–	-0.36%	–
PTXP	Exit	PENNTEX MIDSTREAM PARTNERS L	$0	–	-80,700	–	-0.56%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-47,200	–	-0.56%	–
APPF	Exit	APPFOLIO INC	$0	–	-114,763	–	-0.58%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-92,631	–	-0.60%	–
FIT	Exit	FITBIT INCcl a	$0	–	-60,000	–	-0.82%	–
NORD	Exit	NORD ANGLIA EDUCATION INC	$0	–	-95,340	–	-0.84%	–
	Exit	OM ASSET MGMT PLC	$0	–	-134,300	–	-0.85%	–
UNVR	Exit	UNIVAR INC	$0	–	-100,000	–	-0.93%	–
ECHO	Exit	ECHO GLOBAL LOGISTICS INC	$0	–	-80,000	–	-0.93%	–
MCRN	Exit	MILACRON HLDGS CORP	$0	–	-150,000	–	-1.06%	–
STOR	Exit	STORE CAP CORP	$0	–	-150,000	–	-1.08%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-44,000	–	-1.14%	–
CBOE	Exit	CBOE HLDGS INC	$0	–	-56,700	–	-1.16%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-92,052	–	-1.19%	–
HURN	Exit	HURON CONSULTING GROUP INC	$0	–	-53,400	–	-1.34%	–
MRKT	Exit	MARKIT LTD	$0	–	-155,000	–	-1.42%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-52,300	–	-1.45%	–
M	Exit	MACYS INC	$0	–	-61,100	–	-1.47%	–
LM	Exit	LEGG MASON INC	$0	–	-82,400	–	-1.52%	–
DDS	Exit	DILLARDS INCcl a	$0	–	-44,600	–	-1.68%	–
LQ	Exit	LA QUINTA HLDGS INC	$0	–	-213,895	–	-1.75%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-113,990	–	-1.86%	–
VOYA	Exit	VOYA FINL INC	$0	–	-137,200	–	-2.28%	–
MET	Exit	METLIFE INC	$0	–	-115,800	–	-2.32%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-106,300	–	-2.35%	–
VWR	Exit	VWR CORP	$0	–	-250,000	–	-2.39%	–
VGR	Exit	VECTOR GROUP LTD	$0	–	-289,558	–	-2.43%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-81,200	–	-2.54%	–
NYLD	Exit	NRG YIELD INCcl c	$0	–	-425,000	–	-3.32%	–

Q2 2015

			Value		Shares		↓ Weighting
BXMT	New	BLACKSTONE MTG TR INC	$20,805,000	–	747,845	–	7.43%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$15,576,000	–	1,022,069	–	5.57%	–
GPT	New	GRAMERCY PPTY TR INC	$14,873,000	–	636,400	–	5.31%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$12,810,000	–	346,300	–	4.58%	–
BK	New	BANK NEW YORK MELLON CORP	$10,308,000	–	245,600	–	3.68%	–
BAC	New	BANK AMER CORP	$10,049,000	–	590,400	–	3.59%	–
NTRS	New	NORTHERN TR CORP	$9,397,000	–	122,900	–	3.36%	–
NYLD	New	NRG YIELD INCcl c	$9,303,000	–	425,000	–	3.32%	–
PRU	New	PRUDENTIAL FINL INC	$7,107,000	–	81,200	–	2.54%	–
SABR	New	SABRE CORP	$6,845,000	–	287,594	–	2.45%	–
VGR	New	VECTOR GROUP LTD	$6,793,000	–	289,558	–	2.43%	–
IVZ	New	INVESCO LTD	$6,756,000	–	180,200	–	2.41%	–
VWR	New	VWR CORP	$6,683,000	–	250,000	–	2.39%	–
AIG	New	AMERICAN INTL GROUP INC	$6,571,000	–	106,300	–	2.35%	–
MET	New	METLIFE INC	$6,484,000	–	115,800	–	2.32%	–
TRU	New	TRANSUNION	$6,474,000	–	257,942	–	2.31%	–
VOYA	New	VOYA FINL INC	$6,376,000	–	137,200	–	2.28%	–
PGRE	New	PARAMOUNT GROUP INC	$6,178,000	–	360,000	–	2.21%	–
AMP	New	AMERIPRISE FINL INC	$5,734,000	–	45,900	–	2.05%	–
AER	New	AERCAP HOLDINGS NV	$5,220,000	–	113,990	–	1.86%	–
BOBE	New	BOB EVANS FARMS INC	$5,207,000	–	102,000	–	1.86%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$5,179,000	–	336,746	–	1.85%	–
TCO	New	TAUBMAN CTRS INC	$5,074,000	–	73,000	–	1.81%	–
LQ	New	LA QUINTA HLDGS INC	$4,888,000	–	213,895	–	1.75%	–
CME	New	CME GROUP INC	$4,709,000	–	50,600	–	1.68%	–
DDS	New	DILLARDS INCcl a	$4,691,000	–	44,600	–	1.68%	–
IMS	New	IMS HEALTH HLDGS INC	$4,599,000	–	150,053	–	1.64%	–
LM	New	LEGG MASON INC	$4,246,000	–	82,400	–	1.52%	–
M	New	MACYS INC	$4,122,000	–	61,100	–	1.47%	–
TROW	New	PRICE T ROWE GROUP INC	$4,065,000	–	52,300	–	1.45%	–
FCH	New	FELCOR LODGING TR INC	$4,026,000	–	407,500	–	1.44%	–
MRKT	New	MARKIT LTD	$3,963,000	–	155,000	–	1.42%	–
HURN	New	HURON CONSULTING GROUP INC	$3,743,000	–	53,400	–	1.34%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$3,330,000	–	92,052	–	1.19%	–
KRNY	New	KEARNY FINL CORP MD	$3,299,000	–	295,600	–	1.18%	–
CBOE	New	CBOE HLDGS INC	$3,244,000	–	56,700	–	1.16%	–
VRSK	New	VERISK ANALYTICS INC	$3,201,000	–	44,000	–	1.14%	–
STOR	New	STORE CAP CORP	$3,015,000	–	150,000	–	1.08%	–
MCRN	New	MILACRON HLDGS CORP	$2,952,000	–	150,000	–	1.06%	–
ECHO	New	ECHO GLOBAL LOGISTICS INC	$2,613,000	–	80,000	–	0.93%	–
UNVR	New	UNIVAR INC	$2,603,000	–	100,000	–	0.93%	–
	New	OM ASSET MGMT PLC	$2,389,000	–	134,300	–	0.85%	–
NORD	New	NORD ANGLIA EDUCATION INC	$2,338,000	–	95,340	–	0.84%	–
FIT	New	FITBIT INCcl a	$2,294,000	–	60,000	–	0.82%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$1,679,000	–	92,631	–	0.60%	–
QTWO	New	Q2 HLDGS INC	$1,637,000	–	57,935	–	0.58%	–
APPF	New	APPFOLIO INC	$1,618,000	–	114,763	–	0.58%	–
FHI	New	FEDERATED INVS INC PAcl b	$1,581,000	–	47,200	–	0.56%	–
PTXP	New	PENNTEX MIDSTREAM PARTNERS L	$1,565,000	–	80,700	–	0.56%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$1,017,000	–	55,000	–	0.36%	–
CSG	New	CHAMBERS STR PPTYS	$636,000	–	80,000	–	0.23%	–

Q4 2014

			Value		Shares		↓ Weighting
SFS	Exit	SMART & FINAL STORES INC	$0	–	-75,000	–	-0.57%	–
MDLY	Exit	MEDLEY MGMT INC	$0	–	-100,000	–	-0.89%	–
HELI	Exit	CHC GROUP LTD	$0	–	-350,000	–	-1.03%	–
CDW	Exit	CDW CORP	$0	–	-94,000	–	-1.54%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-107,100	–	-1.61%	–
TRAK	Exit	DEALERTRACK TECHNOLOGIES INC	$0	–	-70,600	–	-1.62%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-138,800	–	-1.74%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-199,258	–	-1.94%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-135,016	–	-1.94%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-342,800	–	-2.06%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-138,800	–	-2.15%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-48,500	–	-2.16%	–
LTM	Exit	LIFE TIME FITNESS INC	$0	–	-96,000	–	-2.56%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-140,900	–	-2.77%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-389,000	–	-2.93%	–
SF	Exit	STIFEL FINL CORP	$0	–	-120,200	–	-2.97%	–
GPT	Exit	GRAMERCY PPTY TR INC	$0	–	-998,500	–	-3.04%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-101,800	–	-3.10%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-68,000	–	-3.14%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-147,000	–	-3.17%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-231,300	–	-3.39%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-96,600	–	-3.47%	–
RESI	Exit	ALTISOURCE RESIDENTIAL CORPcl b	$0	–	-274,900	–	-3.48%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-33,300	–	-3.52%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-145,035	–	-3.56%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-202,100	–	-3.56%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-251,200	–	-4.27%	–
BAC	Exit	BANK AMER CORP	$0	–	-485,200	–	-4.36%	–
VOYA	Exit	VOYA FINL INC	$0	–	-211,900	–	-4.37%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-883,800	–	-4.68%	–
VGR	Exit	VECTOR GROUP LTD	$0	–	-447,225	–	-5.23%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-2,047,000	–	-6.30%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-148,300	–	-6.88%	–

Q3 2014

			Value		Shares		↓ Weighting
PRU	Buy	PRUDENTIAL FINL INC	$13,042,000	+89.6%	148,300	+91.4%	6.88%	+20.1%
VGR	Sell	VECTOR GROUP LTD	$9,919,000	+2.7%	447,225	-4.2%	5.23%	-35.0%
RF	Buy	REGIONS FINL CORP NEW	$8,873,000	+137.4%	883,800	+151.1%	4.68%	+50.4%
VOYA	Buy	VOYA FINL INC	$8,285,000	+29.2%	211,900	+20.1%	4.37%	-18.2%
BAC	Buy	BANK AMER CORP	$8,273,000	+22.4%	485,200	+10.3%	4.36%	-22.5%
BKD	Buy	BROOKDALE SR LIVING INC	$8,094,000	+73.8%	251,200	+79.8%	4.27%	+10.0%
AMTD	New	TD AMERITRADE HLDG CORP	$6,744,000	–	202,100	–	3.56%	–
GHL	New	GREENHILL & CO INC	$6,743,000	–	145,035	–	3.56%	–
AMG	Buy	AFFILIATED MANAGERS GROUP	$6,672,000	+1.8%	33,300	+4.4%	3.52%	-35.5%
NTRS	New	NORTHERN TR CORP	$6,572,000	–	96,600	–	3.47%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$6,416,000	–	231,300	–	3.39%	–
AXP	New	AMERICAN EXPRESS CO	$5,953,000	–	68,000	–	3.14%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$5,872,000	–	101,800	–	3.10%	–
SF	New	STIFEL FINL CORP	$5,636,000	–	120,200	–	2.97%	–
RDN	Sell	RADIAN GROUP INC	$5,547,000	-13.7%	389,000	-10.4%	2.93%	-45.4%
HIG	Buy	HARTFORD FINL SVCS GROUP INC	$5,249,000	+8.5%	140,900	+4.3%	2.77%	-31.3%
LTM	New	LIFE TIME FITNESS INC	$4,842,000	–	96,000	–	2.56%	–
MHFI	New	MCGRAW HILL FINL INC	$4,096,000	–	48,500	–	2.16%	–
FHI	New	FEDERATED INVS INC PAcl b	$4,075,000	–	138,800	–	2.15%	–
WETF	New	WISDOMTREE INVTS INC	$3,901,000	–	342,800	–	2.06%	–
HDS	New	HD SUPPLY HLDGS INC	$3,681,000	–	135,016	–	1.94%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$3,670,000	–	199,258	–	1.94%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$3,295,000	–	138,800	–	1.74%	–
TRAK	Sell	DEALERTRACK TECHNOLOGIES INC	$3,065,000	-8.6%	70,600	-4.6%	1.62%	-42.1%
ALSN	New	ALLISON TRANSMISSION HLDGS I	$3,051,000	–	107,100	–	1.61%	–
CDW	New	CDW CORP	$2,919,000	–	94,000	–	1.54%	–
HELI	New	CHC GROUP LTD	$1,960,000	–	350,000	–	1.03%	–
MDLY	New	MEDLEY MGMT INC	$1,687,000	–	100,000	–	0.89%	–
SFS	New	SMART & FINAL STORES INC	$1,082,000	–	75,000	–	0.57%	–
SNOW	Exit	INTRAWEST RESORTS HLDGS INC	$0	–	-113,000	–	-1.08%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-8,000	–	-1.26%	–
JOE	Exit	ST JOE CO	$0	–	-65,600	–	-1.39%	–
PFMT	Exit	PERFORMANT FINL CORP	$0	–	-190,561	–	-1.60%	–
CME	Exit	CME GROUP INC	$0	–	-43,300	–	-2.56%	–
EVR	Exit	EVERCORE PARTNERS INCclass a	$0	–	-55,600	–	-2.67%	–
STT	Exit	STATE STR CORP	$0	–	-82,200	–	-4.61%	–
BLK	Exit	BLACKROCK INC	$0	–	-30,400	–	-8.10%	–

Q2 2014

			Value		Shares		↓ Weighting
NRZ	New	NEW RESIDENTIAL INVT CORP	$12,896,000	–	2,047,000	–	10.74%	–
BLK	New	BLACKROCK INC	$9,716,000	–	30,400	–	8.10%	–
VGR	New	VECTOR GROUP LTD	$9,658,000	–	467,000	–	8.05%	–
RESI	New	ALTISOURCE RESIDENTIAL CORPcl b	$7,156,000	–	274,900	–	5.96%	–
PRU	New	PRUDENTIAL FINL INC	$6,880,000	–	77,500	–	5.73%	–
BAC	New	BANK OF AMERICA CORPORATION	$6,758,000	–	439,700	–	5.63%	–
AER	New	AERCAP HOLDINGS NV	$6,733,000	–	147,000	–	5.61%	–
AMG	New	AFFILIATED MANAGERS GROUP	$6,552,000	–	31,900	–	5.46%	–
RDN	New	RADIAN GROUP INC	$6,428,000	–	434,000	–	5.36%	–
VOYA	New	VOYA FINL INC	$6,414,000	–	176,500	–	5.34%	–
GPT	New	GRAMERCY PPTY TR INC	$6,041,000	–	998,500	–	5.03%	–
STT	New	STATE STR CORP	$5,529,000	–	82,200	–	4.61%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$4,838,000	–	135,100	–	4.03%	–
BKD	New	BROOKDALE SR LIVING INC	$4,658,000	–	139,700	–	3.88%	–
RF	New	REGIONS FINL CORP NEW	$3,738,000	–	352,000	–	3.11%	–
TRAK	New	DEALERTRACK TECHNOLOGIES INC	$3,355,000	–	74,000	–	2.80%	–
EVR	New	EVERCORE PARTNERS INCclass a	$3,205,000	–	55,600	–	2.67%	–
CME	New	CME GROUP INC	$3,072,000	–	43,300	–	2.56%	–
PFMT	New	PERFORMANT FINL CORP	$1,925,000	–	190,561	–	1.60%	–
JOE	New	ST JOE CO	$1,668,000	–	65,600	–	1.39%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,511,000	–	8,000	–	1.26%	–
SNOW	New	INTRAWEST RESORTS HLDGS INC	$1,295,000	–	113,000	–	1.08%	–

Compare quarters

Export BlueMar Capital Management, LLC's holdings